Brisbane property sales near $17 billion for the year
Brisbane has led the way as the council area with the highest value of property sales in 2016.
New analysis from CoreLogic has found that Brisbane’s council area saw the highest value of property sales for the 12 months to August 2016. While the total of $16.8 billion was 11.2% down on the previous year, Brisbane’s council area easily topped the list for councils with at least 50 settled sales in 2015 and 2016.
The Gold Coast council saw the second highest value of sales, at $1.8 billion, followed by Boroondara in Victoria at nearly $5 billion and Sydney city council at $4.94 billion.
All the council regions topping the list saw a decline in the total value of sales compared to the same period in 2015. But CoreLogic highlighted other council regions around Australia that have seen a dramatic rise in the value of sales for the year. Circular Head in Tasmania saw the value of sales rise by 91.6%, while the value of sales in Wentworth council in NSW rose by 75.1%.
“Most of the regions listed have seen an increase in sales over the year. The exceptions have been Circular Head and Wakefield [South Australia],” CoreLogic research analyst Cameron Kusher said. “This suggests that the increase in value has been more driven by an increase in values of properties rather than an increase in turnover.”
The CoreLogic analysis also highlighted councils which saw the greatest decline in the value of sales for the year. Queensland’s Maranoa and Mount Isa councils topped the list, dropping 48.1% and 47.5%, respectively. CoreLogic pointed out that many of the council regions experiencing declines were heavily linked to the mining and resources sector.