Brisbane prices return to pre-GFC levels

By Terry Ryder, 18th January 2010

The latest State Government data confirms that house prices in Brisbane have returned to their pre-GFC levels. 

Average house prices recovered in the December 2009 half year to $560,000, which was 10% higher than the average of $511,223 recorded in the June 2009 half year.  

Midwood Report author Bill Morris says this follows a fall of 10% from the pre-GFC peak in December 2007 to the trough in June 2009. 

“The fall in average house prices has now been matched by the recovery of similar magnitude,” Morris says. “However, sales volumes have not improved in the latest six-month period and are still at their lowest levels since 1980.” 

He says this reflects the “credit squeeze” for residential housing finance. “Credit continues to be a serious problem in housing,” Morris says. “Low sales volumes have a negative impact on associated industries, such as real estate agencies, removalists, valuers, solicitors, financers and the furniture/white goods/electrical sectors.”