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Sep 01 2011

Brisbane homeowners suffer greatest losses in Australia

RP Data-Rismark Hedonic Home Value Index, released 31st August 2011, show that the annual price movement for Brisbane was a drop of 6.6% for the 12 months to July 2011.

This drop was the largest for all cities in Australia.

The median price for Brisbane is now $420,000. This figure is 5.54 times the Queensland average annual male full time income, according to the ABS, and only 3.1 times, if two full time incomes are taken into account.

All Capital cities showed movements of:

6.6% drop in Brisbane
6.3% drop in Perth
4.5% drop in Adelaide
4.4% drop in Hobart
4.3% drop in Melbourne
3.3% drop in Darwin

0.5% Rise in Sydney
1.9% Rise in Canberra

The news isn’t that bad for many average property owners as it is in the more expensive areas that Home values have dropped the most, at an average of 6.2%, while the cheaper locations have only dropped by 2.1%.

Median Property prices for the quarter ended July 2011 are shown as:

  • $500,000 Sydney
  • $490,000 Canberra
  • $475,000 Melbourne
  • $455,000 National
  • $455,000 Perth
  • $425,000 Darwin
  • $420,000 Brisbane
  • $380,000 Adelaide
  • $320,000 Hobart (June 2011)

 

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