Brisbane dwelling values rise for the second month

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Brisbane dwelling values have increased for the second month in a row, according to the latest CoreLogic home value index results.

The August data shows the rise was marginal, with values increasing by 0.2 per cent, against a national increase of 0.8 per cent.

CoreLogic research director Tim Lawless said the significant lift in values over the month aligned with a deeper pool of buyers at a time when the volume of stock advertised remained low.

“It’s likely that buyer demand and confidence is responding to the positive effect of a stable federal government, as well as lower interest rates, tax cuts and a subtle easing in credit policy,” he said.

While the rolling quarter saw a rise dwelling values nationally, Brisbane dwellings dropped by 0.1 per cent during the period, with an annual decrease of 2.1 per cent.

Over the past year, Mackay – Isaac – Whitsunday and Wide Bay were the only regions to see increases in dwelling values at 3 and 2.9 per cent respectively.

While Ipswich, Brisbane East and Brisbane West all declined over the period, they were part of the top ten sub-regions for annual change in dwelling values, with small decreases of 0.5 per cent, 0.6 per cent and 0.7 per cent respectively.

Brisbane also saw an increase in rental rates over the month, alongside Adelaide and Hobart, which were the only exceptions nationally.

Across Australia, rental rates fell by 0.1 per cent.

Mr Lawless said the latest month’s housing data confirmed the ongoing turnaround in housing market conditions, with reports of housing market confidence prevalent since May.

With the Spring selling season now here, Mr Lawless said this would be a timely test of the market’s depth.