$30,000 poorer in 5 months: Brisbane officially hits downturn

Brisbane homeowners have lost an average of $30,000 in value over more than 20 weeks as revised figures confirm Queensland’s capital is officially in a five-month housing slump. The latest realestate.com.au Home Price Report, out Tuesday, reveals Brisbane’s all-dwellings median price dropped another 0.3 per cent in August to $1,046,000. Updated data marks that as the fifth consecutive monthly fall for the Queensland capital, with the market having peaked in March – with 2.8 per cent in total value wiped since then. That means the typical Brisbane homeowner is now $30,100 poorer on paper than they were in March off their home. The typical Brisbane homeowner is $30,000 poorer after five months of home price declines. Picture: Tara Croser. The figures show detached houses took an even bigger hit, with the median house price falling 0.3 per cent for the month to $1,190,000 – wiping out $34,250 in value in just five months. And even the previously resilient apartment market has not escaped the slump, with units dropping 0.5 per cent in August to a median of $838,000 – erasing $24,100 in value since the March peak. Realestate.com.au senior economist Eleanor Creagh confirmed to The Courie...