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Capital City mediun prices remain flat - though Brisbane shows promise

Wednesday, December 05, 2012

The prices of Brisbane apartments increased by 2.3% over November to a median of $360,000, in contrast to a flat capital city housing market, according to the latest monthly update by RP Data-Rismark.

The gain over November means that Brisbane unit prices are now down just 0.8% year-on-year, delivering investors a total year-on-year return of 4.9%.

Brisbane unit investors are getting the second best rental return (alongside investors in Canberra units) across the eight capital cities, with a yield of 5.5%, with only Darwin higher at 6.6%.

The RP Data-Rismark November index shows the eight capital city dwelling prices unchanged at a median of $472,500 – following 1% decline in October – with Canberra (1.3%), Darwin (1.1%) and Darwin (1%) the only capital city markets to record dwelling prices rises of 1% or more.

 

The largest capital gains were found in Darwin (3.1%), Perth (3.0%), Brisbane (0.8%) and Sydney (0.6%).

The only cities where values were down over the three months ending November were Canberra and Melbourne (both -0.7%) and Hobart (-4.5%). 

Melbourne was the weakest capital city housing market over the month and the only to register a decline in its median prices, which fell 1% to a median of $486,000 while dwelling prices were unchanged in Sydney at $555,000.

Click to enlarge

Year-on-year, dwelling prices are virtually unchanged, indicating a housing market that continues to tread water, but with notable diversion in performance at an individual city level.

Darwin has been the strongest performer with total returns (capital growth plus rental returns) of 20%, followed by Perth (8%), Sydney (5.9%), Brisbane (5.1%) and Canberra (4.9%).

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