Brisbane home price hits new record ‘sooner than expected’
Brisbane’s home price has hit a new record ‘sooner than expected’, rising for the ninth straight month to sit 51.4pc higher than it was at the start of the pandemic.
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Brisbane’s home price has hit a new record ‘sooner than expected’, rising for the ninth straight month to sit 51.4pc higher than it was at the start of the pandemic.
Price growth in Brisbane is now easily beating the Queensland capital’s circa 4 per cent 10-year average, logging a 5.82 per cent rise over the same time last year and up 6.46 per cent over the year-to-date.
Brisbane’s median home value is now $762,000 in the latest PropTrack Home Price Index, released Sunday, after seeing a 0.39 per cent rise in September amid strong buyer competition and tight listings.
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PropTrack senior economist Eleanor Creagh said “home prices in Brisbane have already regained 2022’s price falls and are rising at a fast pace”.
“The turnaround in home prices has been much sooner and quicker than many people expected,” she said. “Not only has the housing market avoided the price falls of the magnitude that many expected, but this year is actually shaping up to end with above average annual growth in Brisbane, despite interest rates being substantially higher as they continued to rise predominantly in the first half of this year.”
She said the rise in interest rates, decline in affordability and surge in mortgage servicing costs were offset by very tight supply in Brisbane.
The result was mirrored across regional Queensland, which also has a new price peak of $614,000, after a 0.2 per cent September rise saw a 4.89 per cent increase compared to the same time in 2022.
MORE: See the latest PropTrack Home Price Index
Prices across the rest of Queensland are now sitting 55.3 per cent higher than pre-pandemic levels, making regional Queensland the strongest performing market in the country.
“The spring selling season experienced a busy start in September. Buyer and seller confidence is on the up and choice is improving significantly in the major capitals,” Ms Creagh said.
“Home price growth has been driven by record levels of net overseas migration, tight rental markets and a housing shortage.”
“Choice for buyers remains limited in Brisbane, Adelaide and Perth, heightening competition and seeing prices hit fresh peaks in each of these markets in September.”
Ms Creagh expected more price rises across major capitals given the likelihood that interest rates had peaked and population growth already rebounding.
“Together with a shortage of new home builds, prices are expected to rise.”
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