Figures from the Real Estate of Queensland (REIQ) show prices in the Queensland capital fell to $580,000 over the March quarter.
REIQ chief executive officer Antonia Mercorella said the fall wasn’t a surprise.
“March is historically the quietest quarter of the year and after such robust trading in December 2014 this dip was not unexpected,” Mercorella said.
“Looking at the 12 month trend to March 2015, the median house price is at $587,000 and this is an even more accurate reflection of what sales prices are doing.”
While Brisbane’s house prices may be down, its outer suburbs are performing strongly with new infrastructure and affordable units and townhouses attracting buyers.
“The Moreton Bay suburbs of Griffin, Petrie and Kallungur are benefiting from the new rail line which will improve transport options for those residents,” Mercorella said.
“The relative affordability of units and townhouses in the Redcliffe region, with a median price of around $305,000, is a good entry point for investors and owner occupiers who can’t afford to buy closer in.”
The March quarter also had some good news for houses in the state’s regional centres as markets stabilise after the resource downturn.
In Bundaberg, the state’s most affordable regional centre, house medians were up 2.9% to $283,000.
While house medians in Gladstone are down 10.7% over the past 12 months, the March quarter saw a 6.5% rise to $379,500.
Rockhampton saw a 2% rise for house medians across the quarter, up to $300,000, while sales volumes were also up 4%.
Following a slow final quarter in 2014, Mackay recorded an 18% increase in sales volumes over the quarter, coinciding with a 4.1% quarterly median price increase to $385,000.
The news wasn’t so good for the unit market in those centres, with all recording falls in median prices over the quarter.
Townsville didn’t have a strong quarter either, with house sales down by 9% and the median house price down 0.7% to $350,000
While the REIQ expects the markets in the Gold Coast, Sunshine Coast and Cairns to quiet somewhat in the cooler months, they all produced solid figures over the March Quarter.
The Gold Coast saw median house prices rise 2.2% to $531,500 for the quarter, while unit prices were up 1.4% to $355,000.
The Sunshine Coast saw similar increases, with house values up 2.8% to $498,400, while unit prices mirrored the Gold Coast up 1.4% to $355,000.
Cairns saw house values remain steady at $390,000, while units were up 5.5% for the quarter to $219,500.
