Brisbane records sharpest home price decline - Yahoo Finance Australia

Brisbane house prices
Brisbane’s property market has experienced its largest and fastest decline on record. (Source: Getty)

The Brisbane property market has experienced its “largest and fastest” decline on record, dropping 10.9 per cent since its peak in June 2022.

According to CoreLogic’s Daily Home Value Index (HVI), this is Brisbane’s largest percentage fall on record. It comes just weeks after national property prices suffered their biggest fall ever, dropping 8.6 per cent.

But Brisbane’s price drop has not erased the massive gains experienced during the pandemic.

“The record fall in Brisbane home values has not made much of a dent in the gains made during the upswing,” CoreLogic head of research Eliza Owen said.

“The fall in the Brisbane daily HVI follows an upswing of 43.5 per cent between August 2020 and June 19, 2022, which was the fastest trajectory of rising values on record. This leaves home values across Brisbane 27.9 per cent higher than at the previous trough in August 2020.”

In Brisbane, the median dwelling value increased from $506,553 at the start of the pandemic in March 2020 to $707,658 at the end of 2022.

According to CoreLogic, the pace of price falls has slowed in recent months. Owen said factors like Brisbane’s relative affordability, interstate migration and increased rent values may be “placing a floor under the market”.

“While Brisbane property values are likely to fall further in 2023, it is possible the rate of decline will continue to slow over the coming months,” she said.

Brisbane is just one of two capital city markets with record declines, the other being Hobart. Sydney, meanwhile, has had the largest peak-to-trough fall of the capital cities - currently 13.8 per cent below its peak.

Other capitals have experienced milder drops. For example, Perth values are down just 1.0 per cent from its August 2022 peak.

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