Coastal and prestige markets tumble as home values fall in 74 Queensland suburbs

Median home values in 74 Queensland suburbs are now cheaper than they were a year ago, with nearly $625,000 wiped from one suburb alone. And it the state’s top end markets, from beachside and inner-city precincts to regional prestige markets, that are recording the biggest walloping. But local property experts say it is the lack of and type of stock being sold that is dragging down values, rather than a reflection of a widespread downturn. The latest REA Market Trends report shows that the biggest median house price falls in the 12 months to the end of August were spread across Brisbane, the Sunshine Coast, Gold Coast, Townsville and Cairns. For houses, the prestige Brisbane suburb of Hamilton recorded the largest drop, with its median value falling from $3,233,843 in August last year, to $2.61 million now – a drop of $623,843. But that number still has a long way to fall to get back to its median house price five years ago, when the average house sold for $1.92 million. And not all houses are created equal, with one selling for $3.41 million on August 19 at 64 Langside Rd. 64 Langside Road, Hamilton, sold for $3.41m Milton had the second biggest decrease of $534,500, followed by D...