Sweden sweats it out

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Nationally the property market may have slowed but Brisbane is still on the increase

first_imgNerida Conisbee REA Group Chief Economist said demand still existed for the Brisbane market.WHILE it may not be at the pace many investors would like, Brisbane house values are continuing to slowly move ahead.As price growth begins to slow in other capitals, Brisbane property values are still on the increase – if a little incrementally.The good news though is for renters. With rents continuing to decline, tenants are finally in a position of power to negotiate on rents and conditions.The latest CoreLogic market analysis reveals that in the quarter to the end of July within the Brisbane City Council region, median house prices have increased 0.8 per cent to $665,000 while unit prices have dropped by 0.7 per cent to $444,000. MIGRATION to Queensland highest in years Within the Greater Brisbane area, that is including council regions of Ipswich, Logan, Moreton and Redlands, the median house value rose 0.5 per cent during the September quarter and unit values went up 0.1 per centCoreLogic research analyst Cameron Kusher said while, clearly the market was not particularly strong, houses were significantly outperforming units.REA Group chief economist Nerida Conisbee said buyer demand on realestate.com.au was not too bad in Brisbane.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoShe said the segment of the market feeling the pinch was the investor market which had been affected by restrictions on borrowing.But she said there was some positivity with growing offshore demand, particularly from China, for Brisbane apartments. THE nation buying 8 per cent of new Queensland homes Ms Conisbee said the big winners in the current property market were renters.According to CoreLogic figures, Brisbane’s median asking rent for houses was now $450 a week and for units it was $400 a week.Weekly rents were down 0.1 per cent for the quarter on the back of a series of drops.Ms Conisbee said a drop in asking rents put tenants in the box seat.“It’s great for renters in terms of what they can pay, but also the types of conditions they can negotiate, whether it’s to allow pets in their rental or longer- or shorter-term leases,’’ she said.last_img read more