The latest data from the Queensland Department of Natural Resources and Water confirms that (mean) average house prices in Brisbane have returned to their pre-GFC level.
Average house prices have recovered in the December 2009 half year to $560,000, which is 10 percent higher than the average of $511,223 recorded in the June 2009 half year.
The new data follows a fall of 10 percent, which occurred from the pre-GFC peak in December 2007 to the trough ending in June 2009. The fall in average house prices has now been matched by the recovery of similar magnitude.
However, sales volumes have not improved in the latest six month period and are still at their lowest levels since 1980.
This reflects the ‘credit squeeze’ for residential housing finance, despite the effects of the first home buyers grant. Credit continues to be a serious problem in housing and low sales volumes have a negative impact on associated industries, such as real estate agencies, removalists, valuers, solicitors, financers and the furniture/white goods/electrical sectors.
This blog is copyright to Midwood Queensland Investment Report.
Subscribe to:
Post Comments (Atom)
2 comments:
This is so informative! This is really helpful for those who have queensland property investment or for those who are planning to invest. Thanks!
Thank you for providing this helpful information. I can really relate to this and for others planning Queensland Property Investment
Post a Comment