Affordability set to spark Brisbane housing market spike

first_imgThis house at 21 Sinclair Drive, Ellen Grove, is on the market priced at $210,000-plus.Mr Lawless said the tighter credit environment was having an impact, as were affordability issues, reduced foreign investment and a rise in housing supply.Five of the eight capital cities recorded a fall in dwelling values over the month, including Brisbane (-0.2 per cent), Sydney (-0.3 per cent) and Melbourne (-0.6 per cent), though Brisbane was still in positive territory for the quarter (0.1 per cent) and annually (0.9 per cent) while the other two biggest capitals went backwards. FOLLOW SOPHIE FOSTER ON FACEBOOK 5 Cotswold Court, Rochedale, sold for $300,000 last week.“The trend towards more robust housing market conditions for affordable properties can be seen geographically as well, with the top ten capital city subregions, based on an annual capital gain, generally located in more affordable areas such as Hobart, the outskirts of Melbourne and parts of Brisbane and Adelaide,” he said.”Stronger market conditions across Australia’s more affordable areas are likely attributable to a rise of first home buyers in the market as well as changing credit policies focused on reducing exposure to high debt-to-income ratios. Win for buyers as units set to boom More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago Westpac triggers first rate rise for all homeowners A two-bedroom apartment at 4/68 Hassall Street, Corinda sold for $270,500. CoreLogic expects the more affordable end of the market to see strong growth.AFFORDABLE properties are set to spark a rise in demand in Brisbane with both lenders and buyers expected to turn more of their attention here, latest research has found. Nationally, the most inexpensive quarter of the market was the only segment to rise across the country over the past 12 months, according to industry research firm CoreLogic.CoreLogic research head Tim Lawless said the most inexpensive quarter of the market saw values rise 0.6 per cent in the past year, while the upper quarter logged a 5.4 per cent fall and the middle segments fell 0.5 per cent over the year. “In the higher value cities like Sydney and Melbourne, we’re seeing typical dwelling prices remain more than eight times higher than median household incomes, suggesting tighter credit conditions for borrowers with a high debt-to-income ratio will likely impact on demand more in these cities over others.”The comments come as the latest CoreLogic Hedonic Home Value Index saw national dwelling values fall for the eleventh consecutive month, dropping 0.3 per cent as the housing market continues its correction. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25last_img

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