Revealed: The 154 QLD suburbs where home prices have fallen

Parts of Queensland could become a hunting ground for bargain seekers, with prices dropping in 150 suburbs in just three months.

Prices have started falling across certain Queensland suburbs as the market cools.

PARTS of Queensland could soon become a hunting ground for bargain seekers, with sales data showing prices have dropped in at least 150 suburbs across the state in the past three months.

The PropTrack figures reveal house prices have fallen more than 11 per cent in 20 locations, with the Brisbane bayside suburb of Ormiston now 27 per cent cheaper, amid a standoff between buyers and sellers as some of the heat starts to come out of the market.

Houses are now also more affordable in Ripley (-17.5 per cent), Chapel Hill (-16.5 per cent) and Tamborine Mountain (-14.5 per cent).

The biggest price drops in units have been in Brisbane’s inner ring, with Fortitude Valley, Kelvin Grove, Brisbane CBD and Albion all more than 12 per cent cheaper than they were before the market started to cool.

This five-bedroom house at 11-15 Cleveland Tce, Ormiston, is for sale by negotiation.

Overall, Brisbane home prices have slowed at the most rapid pace since the Global Financial Crisis in 2008, when they fell five per cent, according to PropTrack.

PropTrack economist Paul Ryan said it was important to remember prices were still up 35 per cent since the start of the pandemic, nationally.

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“This equity increase continues to drive a lot of selling by upgraders and no doubt, the slower price growth over 2022 will be welcome news for many first home buyers who have found it challenging to save a deposit during this run-up in prices,” Mr Ryan said.

This four-bedroom house at 43 Fig Tree Pocket Rd, Chapel Hill, is 'priced to sell'.

It comes as industry experts like John McGrath say now is the time to buy and take advantage of the discounts potentially on offer in some locations.

“If you buy this year, you can be confident of getting a 5-10 per cent discount on last year,” he told The Courier-Mail.

Upside Realty Brisbane sales agent Max Ramsey agrees.

This two-bedroom unit at 1104/50 Hudson Rd, Albion, is on the market with a call to 'submit all offers'.

“People’s budgets are changing,” Mr Ramsey said. “People with the right budget for the right property are in a better position to negotiate.

“This time last year, those buyers would be competing with another four or five buyers with the same budget.”

Buyer’s agent and Cohen Handler Queensland managing director Jordan Navybox said he had secured several properties for clients below market price in the inner-city suburbs in recent months.

This one-bedroom unit at L2/66 Manning St, South Brisbane, is for sale for $410,000, with a call to 'submit all offers'.

“Given the current standoff between buyers and sellers in the housing market, we are experiencing strong growth in the unit and townhouse market as buyers move to that space rather than renting,” Mr Navybox said.

With interest rates rising another half a per cent this week, the dynamics of the housing market are starting to change.

This three-bedroom house at 48-54 Beacon Rd, Tamborine Mountain, is for sale, with 'expressions of interest invited'.

Data from Upside Realty shows a whopping 167 per cent increase in new listings in Queensland following the last interest rate rise.

Mr Ramsey said many sellers were trying to put their property on the market now while buyers had higher budgets.

“What I’m seeing is investors trying to get in and sell before rate rises get too much, and they’re tapping into the buyers who still have their pre-approval.”

Even on the Gold Coast, where prices have skyrocketed since the pandemic, PropTrack data shows the median house price in suburbs like Tugun is down 12 per cent compared to three months ago, followed by Burleigh Waters (-8 per cent).

This two-bedroom unit at 828/100 Resort Dr, Noosa Heads, is on the market for $990,000.

Unit prices fell 15 per cent in Mudgeeraba and 7 per cent in both Ashmore and Palm Beach.

Ray White Surfers Paradise chairman Andrew Bell said now was an ideal time for buyers to make their move.

“For a buyer, this is a perfect environment, and much better than the boom time, as they won’t have the same frustration of missing out because they are buying in a softer market,” Mr Bell said.

This four-bedroom house at 43 William St, West End, in Townsville is on the market for offers over $620,000.

“We’ve just been through a period of time with very low interest rates that contributed to huge buying demand, and of course prices continued to rise.

“Now we have slightly higher interest rates and that means there will be less buyers in the marketplace as the ability to borrow is softened somewhat.”

Prices are also coming down in the state’s north, with the median house price in the Townsville suburb of West End 20 per cent cheaper than it was three months ago at $409,500.

This two-bedroom unit at 203/497 Varley St, Yorkeys Knob, is for sale for offers in the low to mid $300,000s.

Atherton in Cairns, and South Mackay and Andergrove in the Mackay region have also seen a drop of around 12 per cent in house prices.

Median unit prices in Yorkeys Knob in Cairns have also dropped 20 per cent.