Over the weekend, Brisbane house prices hit a new double-digit milestone, with values falling 10.1% from their mid-June peak, according to the CoreLogic daily dwelling values index:As shown in the next chart, this downturn is easily the steepest in Brisbane’s recorded history. The record 10.8% decline recorded over 20 months between 2010 and 2012 is also likely to be matched at the end of this month. After that, this current housing downturn will be both the fastest and largest in Brisbane’s history:Brisbane’s home value decline remains rapid at -4.8% over the most recent quarter. The primary reason why Brisbane home values are falling so rapidly is because they grew so strongly over the pandemic. We are currently witnessing a form of ‘mean reversion’ across Brisbane’s housing market, whereby values are pulling back sharply after rising too fast too quickly.

Source: Stuff January 15, 2023 15:05 UTC