Brisbane Takes Over as Price Leader

Brisbane led price growth among the capital cities in the December Quarter, according to figures from CoreLogic RP Data.

The median price in Brisbane grew 1.3% over the three months to the end of December, while Adelaide’s median price rose 0.6%.

By contrast, former national price leader Sydney recorded a 2.3% decrease in its median home price, providing further indication of the end of the city’s three-year property boom. The median price of a Sydney home is now $800,000, down from $820,000 in September.

Core Logic head of research Tim Lawless said Sydney’s slowdown was the result of affordability pressures and a changing lending environment that has made it harder for investors to access credit.

“Regulatory changes have made it more expensive and difficult for investors to access housing finance,” he said. “Added to this are higher mortgage rates and more restrictive credit policies and loan servicing requirements.”

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