Plummeting property prices in south-east Queensland have slowed down, with sales data showing a fall of just a 10th of a per cent in the first quarter of 2023.Credit:Data released by Domain on Thursday shows Brisbane property prices were down 4.9 per cent from this time last year; however, they were down just 0.1 per cent from the December quarter.
The Brisbane drop paled against both Sydney and Melbourne and was well below Hobart’s 9.9 per cent.Domain research and economics chief Dr Nicola Powell said Brisbane had experienced a rapid turnaround after facing steep falls.“What has been different for south-east Queensland overall has been the pressure from interstate migration,” she said.
“People were attracted by affordability that Brisbane still offers relative to our other major capital cities — it still has a lower price — but we’ve seen that price point shift quite dramatically.”, coupled with a surge in overseas migration, could soon place more demand on the housing market. That was potentially bad news for young Queenslanders looking to get into the market and Powell said reform was needed to ensure the Australian dream of homeownership was not lost to up-and-coming generations.
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