Brisbane property market update. As we have indicated before, we don’t expect 2019 to be a stellar property year for Brisbane, but we expect Brisbane will buck the trend and be steady. So far our forecast have played well. Albeit Brisbane, has been caught in the tightening post royal commission. We have seen a slight decline recently. We still expect Brisbane property market to perform flatly this year, before major infrastructure spend gives it a shot.
May 2019 Brisbane property market overview
Brisbane property prices have declined -0.4% over the month and this brings us to a decline of 1.2% over the quarter. The annual decline for Brisbane property market is almost 2% so far. Median house prices in Brisbane are now a touch under $500,000.
Will Brisbane property prices increase?
If RBA does proceed with cutting interest rates, we can expect interesting times ahead for property market. Especially so that yields in Brisbane remain attractive. Brisbane remains affordable, compared to both Sydney and Melbourne. With interest rates falling, this might provide support to property prices in the city. We don’t expect recovery in this year yet. As indicated before, we expect Brisbane price falls to finish 2019 flat, and start a modest recovery afterwards.
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