Brisbane median home price record smashed in June
Brisbane has hit a fresh record median home price, firming up as the second most expensive Australian capital to buy residential property in.
Brisbane has a fresh record home price, firming itself as the second most expensive capital to buy a dwelling in after its median hit $840,000.
Prices have jumped 14.14pc compared to the same time last year, according to the latest PropTrack Home Price Index released Monday.
Regional Queensland is also at peak, after rising 10.84pc annually to a $682,000 home price.
“Queensland has recorded the strongest home price growth across the country since the pandemic began, with home values surging in Brisbane (+70.6pc) and regional Queensland (+71.7pc) since March 2020,” the PropTrack report said.
MORE: Surprisingly cheap rent for music star’s beach house
‘Reduce overseas investors’: New housing backlash against migration
‘A win for everyone’: Retirement now in 1.2m new homes target
PropTrack economist Eleanor Creagh said “Brisbane has now surpassed Canberra to become the second most expensive capital home prices. Brisbane is up 20pc from the low point recorded in December 2022 after price falls when interest rates were first rising. So a really strong streak of growth for Brisbane property market over the past 18 months.”
She said there was very tight supply of stock on market with the number of homes listed for sale well below prior decade averages.
Brisbane also had strong home buying demand with net interstate migration gains, population growth and one of the tightest rental markets.
Four of Queensland’s top five growth performances came out of Greater Brisbane region but they were led by Townsville in the Far North which saw a massive 19.96pc surge in median price to $453,000.
The second highest growth was in key new build zone Ipswich in Brisbane’s west where prices rose 18.1pc to $680,000, followed by Logan-Beaudesert in the south which saw a 16.59pc increase in median price to $725,000. North Brisbane delivered a 16.39pc rise to $924,000 while South Brisbane was up 14.61pc to $1.088m.
The price of a mid range home across Australia is now $787,000, a new record after a 6.55 per cent jump in the past year, though the pace of growth is slowing on a monthly basis (0.18pc in June).
The national record price has increased every month for a year and a half, but there were signs of some easing ahead given “the pace of monthly growth was the slowest since December 2022”.
SEE THE LATEST PROPTRACK HOME PRICE INDEX
“National home prices have cycled through 18 consecutive months of growth despite interest rates remaining at this high level and have gone on to hit another fresh price peak in June,” she said.
“It’s certainly no mean feat given it’s been during the most substantial interest rate tightening cycle in a generation.
“And yet we’ve still seen that in many markets home prices have largely recovered the price falls that we saw when interest rates were first rising in 2022 and have gone on to continuously hit fresh peaks.”
Unlike the pandemic era boom, capital cities are now outpacing regions for growth, up 6.91pc versus 5.61pc to $855,000 and $643,000 respectively.
Despite already being the most expensive place to buy a home in Australia, Sydney continues to break new records, with its median home price up 6.39pc in the past year to $1.107m.
Originally published as Brisbane median home price record smashed in June