The real estate market in Brisbane has been slowing down and although there has still been an increase, boosted by population growth, low-interest rates, and level of affordability compared to other cities – it is far lesser than the growth seen in previous years.
Dwelling values in Brisbane are up by 0.3%. House values have grown within the past three months with dwelling values up 1.8%. This shows an annual growth rate of 0.8% over the past decade.
As of January 2020, the median dwelling price in Brisbane is $497,491 with median house values at $543,992 and median unit values of $385,133. Overall, the Australian housing market, in general, is into a strong recovery period of six months coming into a new decade.
Housing demand is holding fairly firm with rental yields higher than most other capitals. Weekly rent is sitting at $400 for houses and $410 for units, higher than the previous year. The gross rental yields currently are still climbing from previous years, up 4.3% for houses and 5.3% for units.
The average number of days on the market for sale properties is nearly two months, with 52 days on the market being the average for as of January 2020 (much longer than the average of 37 days on the market in 2018.)
Auction clearance rates have risen to 43% as of early January 2020 (compared with 32% at the same time last year).