Brisbane, Queensland, Australia – The price of a house in the Brisbane region is now below the $1m mark for the first time in more than a decade.
The median house price was $1.9m in September, according to the National Australian Capital Territory (NACETA) data.
The average price of an existing house in September was $2.5m.
The national average was $3.1m in October.
The latest NACETA house price survey is published today.
It is the latest to show that Brisbane is no longer the most expensive city in Australia.
The price is down 9 per cent from October 2017, and down 8 per cent in the past two years.
In September 2017, the median house in Queensland was $6.3m.
By October 2018, the price was down 8.1 per cent to $6,982,834.
The NACTA data shows the median price in the capital city of Brisbane is up 6.3 per cent, to $3,051,977.
In the city of Launceston, the market has seen a 12.7 per cent increase in median price over the same period.
The city of Mildura has seen the biggest price increase, rising 15.9 per cent.
The Sydney-based NACEMA survey shows the average price per square metre in Brisbane fell 2.9 percent from September to October.
Sydney has seen price rises of 9.3 to $1,631,500.
Melbourne’s average price fell 3.7 percent to $5,918,869.
The National Capital Territory’s average median price fell 1.7 to $2,947,959.
In Sydney, the average house price fell by 7.3 percent to a record $1.,932,000.
The number of properties listed in Brisbane rose 8.3% from August to September, with more than 50,000 properties on the market.
Brisbane’s median house prices are now $1-million, down 6.7% from October last year.
In 2018, more than one-third of all properties listed for sale in Brisbane were for less than $500,000, according the NACeta data.
In Brisbane, properties for sale are now up 18.4 per cent on a year ago.
More information: Read more about the latest house price data and other key statistics.