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Housing market recovers to pre-GFC levels led by southern surge

Posted by Sophie Foster & Michelle Hele on 15 December 2014

EVIDENCE of how well the real estate market has bounced back has come through via double digit rises in house values across most major capital cities, new data showed. 
 
Brisbane notching an 11 per cent rise in house values since its previous trough in December 2012, but that figure was blitzed by the Sydney surge where house values jumped 24.6 per cent in that time.

Data released by analysis firm Corelogic RP Data saw unit values in Sydney rise a massive 21.1 per cent while Brisbane set a more moderate pace with a 7.7 per cent rise.

Corelogic RP Data analyst Tim Lawless said nationally the market had rebounded quite substantially with all cities apart from Hobart back to levels they were at before bottoming out in 2009.

It has been a very broad based recovery. Sydney and Melbourne have been the market leaders and are driving that recovery.

Mr Lawless said the housing market was rebounding stronger in Brisbane than the unit market.

You can see that trend across most of the markets, he said.

Lifestyle markets like the Gold Coast and Brisbane had really started to bounce back, he said, as buyers felt they offered good value at the moment

When you look at the Brisbane Local Government area it is quite a strong result. Brisbanes core is where most of the growth and transactions have been, he said.

Other parts of Queensland saw values surge a lot higher than the greater capital region - led by the Gold Coast where the current house value was put at $520,832, a 13.1 per cent jump on the previous trough in December 2012 of $460,700.

The Sunshine Coast and Far North Queensland saw house values rise at the same pace of 12.3 per cent. But the Sunshine Coast saw unit values jump at a higher rate of 12.7 per cent.

Southeast Queensland is really coming back quite strongly, Mr Lawless said.

The part of the state struggling to keep pace with the latest real estate growth was the unit market in northern Queensland where the current value was $264,627, just 0.1 per cent up on its previous trough of $264,404 in April last year.

BY THE NUMBERS


Brisbane Houses

Current value $473,465

Previous trough $426,647 in Dec.-12

Total Growth 11%


Brisbane Units

Current value $376,370

Previous trough $349,619 in Dec.-12

Total Growth 7.7%


Gold Coast Houses

Current value $520,832

Previous trough $460,700 in Dec.-12

Total growth 13.1%


Gold Coast Units

Current value $346,942

Previous trough $314,197 in Dec.-12

Total growth 10.4%


Sunshine Coast Houses

Current value $486,677

Previous trough $433,208 in Dec.-12

Total growth 12.3%


Sunshine Coast Units

Current value $365,805

Previous trough $324,559 in Apr.-13

Total growth 12.7%


Northern (Qld) Houses

Current value $336,668

Previous trough $318,380 in Dec.-12

Total growth 5.7%


Northern (Qld) Units

Current value $264,627

Previous trough $264,404 in Apr.-13

Total growth 0.1%


Far North (Qld) Houses

Current value $361,187

Previous trough $321,493 in Dec.-12

Total growth 12.3%


Far North (Qld) Units

Current value $221,785

Previous trough $201,881 in Aug.-12

Total growth 9.9%


Author: Sophie Foster & Michelle Hele

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