PropTrack senior economist Eleanor Creagh.
House prices in Brisbane have risen by $2950 every week over the past year, with the city recording Australia’s second biggest property jump after Perth.
The latest PropTrack Home Price Index, released on Monday, showed Brisbane house prices rose $153,500 annually, or 15.9 per cent, to $1,046 million for all residential properties (houses and units).
But it was the single market that rose the most, up 20.3 percent to an average of $831,000.
Home prices were $1.203 million, up 14.7 percent over the year.
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Lot 1 of Sorano House in Kangaroo Point is for sale.
PropTrack senior economist Eleanor Creagh said the strong unit growth was due to buyers switching to more affordable stocks.
“Unit price growth outperforming house price growth in each of the best-performing capitals on both a quarterly and annual basis makes sense when you consider that these cities have had a long period of strong house price growth.
“There seems to be stronger demand in the more affordable price segments.
“People are being pushed towards more viable options.”
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She said the Brisbane market was still dependent on supply and demand.
“Equity markets remain very tight.” she said.
“Strong buyer demand is being confronted with tight supply.”
Greater Brisbane also saw strong growth over the year, with double-digit house growth in all surrounding towns.
Ipswich’s value rose 19.7 per cent to $881,000, Logan-Beaudesert rose 19 per cent to $917,000, Toowoomba rose 18.2 per cent to $779,000, and Moreton Bay rose 17.6 per cent to $1,056 million.
Rate hikes have not yet deterred buyers, but that could change with another rate hike.
“One rate increase will not affect price movements in one month, but the outlook for the market would change with more rate increases,” Creagh said.
“In the period ahead, growth will be slower and more uneven as interest rates start to rise again.”
205/18 Thorn Street, Kangaroo Point sold for $898,500.
Ray White senior data analyst Atom Go Tian said some Brisbane suburbs were starting to rival Sydney and Melbourne.
“Brisbane is the growth market and is slowly moving out, but the big stories are the premium market,” he said.
“Places like New Farm end up in the top 10 luxury growth lists.”
Ray White senior data analyst Atom Go Tian.
Mr Go Tian said buyers were turning to Greater Brisbane cities, including Ipswich and Logan, for more affordable options.
“With the 2032 Olympic Games and the Sunshine and Gold Coasts benefiting Brisbane as a whole, the city is experiencing lateral growth,” Mr Go Tian said.
“People living in Logan and Ipswich are finding they don’t have to go to Brisbane anymore.
“They are satellite towns where people live and work, and in this case it is still in Greater Brisbane.”
104 Prince Edward Parade, Scarborough is for sale.
Place Ascot agent Drew Davies said Brisbane’s boom was down to a lack of supply and huge demand.
“There is a limited supply of new homes within 5 to 10 kilometers of the CBD, and when high quality new build or well renovated character homes come onto the market they immediately attract multiple buyers,” Mr Davies said.
“People want proximity to schools, transportation and lifestyle areas, but they also want modern, convenient living, and that scarcity is driving prices up.”
8 Illidge Street, Coorparoo recently sold for $1.851 million.
He said buyers were choosing Ipswich and Moreton Bay because of their affordability and availability of land.
“Families are moving abroad because they can get newer homes in larger blocks for significantly less than downtown prices.
“With infrastructure, schools and shopping centers already improved, buyers are confident they will achieve both lifestyle and long-term growth.”
House prices in regional Queensland rose 13.4 per cent to an average of $810,000.
Nationally, homes have increased by 9.1 percent in the past year.
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