Brisbane home values could reach new high in just 4 months

first_imgBrisbane home values are on track to make a full recovery in just four months, CoreLogic says. Image: AAP/Darren England.BRISBANE house prices are climbing so quickly, they could be breaking records by early next year, new analysis reveals.The Queensland capital’s housing market is on track to hit its peak in just four months if the current rate of growth continues — marking a huge turnaround from the start of this year, according to property analyst CoreLogic.HOME VALUE RECOVERY PROJECTIONSRegion 3 mths to Oct From market peak to Oct Date of peak Mths to recoveryGreater Brisbane 1.1% -1.6% Apr 2018 4 Logan 0.1% -4% Aug 2017 86South 1.2% -3.8% Nov 2017 9Moreton Bay South 1.1% -2.9% Jan 2019 8Ipswich 0.6% -1.7% Mar 2018 9Brisbane city 2.1% -1.6% Nov 2018 2North 0.5% -1.6% Apr 2018 10West 1.1% -1.3% Dec 2018 4Moreton Bay North 1.8% -0.7% Dec 2018 1East 0.9% -0.5% Apr 2018 2Source: CoreLogicThe past three months of gains has put Brisbane home values on a path to fully recover by March 2019 — the second strongest capital city market set to bounce back after Melbourne. RELATED: Shock numbers point to new property boom CoreLogic research director Tim Lawless said Brisbane had suffered a mild correction in comparison to some other capital cities, so that it put it on track for a faster recovery.“Brisbane is showing the next fastest recovery time frame (after Melbourne); not because values are rising rapidly, but mostly because the correction in values across Brisbane was quite shallow (down 2.9 per cent from peak to trough),” Mr Lawless said. Houses are seen in the Brisbane suburb of Paddington. Image: AAP/Darren England.Melbourne is the strongest capital city market in the country at the moment.If the current rate of growth continues, Melbourne will be at another peak as of January next year.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoSydney – due to the size of its falls – has a bit longer to wait.House prices are currently around 10 per cent below their 2017 peak and will take at least six months to recover. Melbourne is on track to make the strongest recovery in home values, according to CoreLogic. Picture: Mark Stewart.Nationally, property values are also on track to fully recover in six months.In just the last quarter, values have jumped by 2.9 per cent. Most capital cities have recorded a rise in home values over the past three months, with the exception of Perth and Darwin, where values have been trending lower since mid-2014.Mr Lawless said the housing market recovery should provide some support for the national economy by boosting household wealth which would potentially lead to improved confidence and a greater willingness to spend. MORE: Buyers push to be in by Christmas Rising home values could impact housing affordability. Photo: Brett Wortman.On the flipside, he said the rapid recovery in home values would impact affordability. “With housing values rising rapidly in some areas, we could see less first home buyer participation in the market as affordability pressures start to dampen activity across this important sector of the market,” Mr Lawless said.last_img

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