The Gold Coast’s housing market remains flat but continues to outstrip all capital cities except Sydney.
Prices for all dwellings increased just 0.05 per cent in July according to PropTrack, and are now down by 0.15 per cent for the quarter.
But annual growth remains high with prices rising 7.83 per cent in the last 12 months.
House prices fell 0.12 per cent in July but are still up 7.33 per cent for the year.
Unit prices increased by 0.3 per cent and are now up 8.69 per cent over the past 12 months.
The median value for all dwellings on the Gold Coast is now at $1.182 million.
That compares to a median value in Sydney of $1.205 million and $1.06 million in Brisbane.
Nationally, home prices fell for the fourth straight month, down another 0.3 per cent in July.
They are now down 1.8 per cent from their peak.
“High interest rates are weighing on prices, with the impact of reduced borrowing capacities being exacerbated by ongoing cost of living pressures,” PropTrack’s Anne Flaherty said.
“Budget tax changes are also likely impacting overall buyer confidence, while ongoing price falls could be driving some buyers to delay purchasing until prices stabilise.
“Further price falls are likely to be seen over the coming months. While inflation moderated in June, it remains elevated, and there is still a risk that interest rates could move higher before the end of the year.”
