Brisbane prices rose 0.1% against the market (real estate website Realestate photo)
Brisbane, the country`s leading property market, was Australia`s only capital city with an upward trend in house prices in November.
Housing prices at Sydney and Melbourne plummeted, implicating Australia`s property market for its biggest drop since the global financial crisis, according to Realestate, a property website. However, Queensland capital Brisbane succeeded in withholding downward pressure.
In November, only Brisbane housing prices rose in November in Australia`s capital cities, although only 0.1 percent, according to preliminary data from the CoreLogic Housing Price Index (Hedonic Home Value Index), a property market research firm.
It is Brisbane`s second consecutive month of rising prices in a situation in which housing prices in other Australian capitals are either stagnating or falling.
Laurie (Tim Lawless), head of research at CoreLogic, said the Brisbane market showed greater resilience against the recession because house prices were not as high as those in other capital cities and its recent growth was at a sustainable level.
Preliminary data show that home prices in Australia fell 0.9 percent in November to the end of 28 November, meaning an annual decline of 5.6 percent, the biggest decline since December 2008.
Brisbane currently has a median real estate price of A $ five hundred and thirty seven thousand nine hundred and ninety nine, significantly lower than the A $ nine hundred and eighty thousand in Sydney and A $ seven hundred and fifty thousand in Melbourne, according to CoreLogic.
