Brisbane has roared past Melbourne to become Australia’s second-most expensive city for property. The future Olympic city has reached a median house price of $924,498 and looks set to breach the $1 million milestone in the coming months.
Factors Driving Brisbane’s Property Price Surge
With house prices rising by over 12 percent in the last year, property buyers see Brisbane as probably the best market in the country for growth. The cost-of-living crisis and rising house prices are also seeing priced-out buyers flock to the unit sector, with Brisbane unit prices surging to a record median of $549,704.
Experts Predict Continued Growth in Brisbane’s Property Market
Domain chief of research Nicola Powell said lower borrowing capacity was forcing many buyers to look at units rather than houses, and in locations further away from the CBD. She also noted that there was plenty of growth left in the Brisbane property market due to undersupply and strong migration trends. “Brisbane will be one of the nation’s top performers over the calendar year, and we have forecast an 8 percent price increase, which is about 2 percent each quarter,” she said.
High Demand for Units and Townhouses in Brisbane Suburbs
LJ Hooker’s Adam Randell, who works in Beenleigh, said unit and townhouse prices were soaring across Logan due to high buyer volume. “Every weekend we are now having to ask our colleagues if they need back-up at their open homes because we are getting such a high volume of buyers,” he said.
Brisbane’s Real Estate Market Continues to Defy Expectations
Queensland now has over 100 locations recording a median house price over $1 million, with the city’s southeast suburbs showing particular strength. Real Estate Institute of Queensland chief executive Antonia Mercorella said the strong growth continues to surprise. “Each quarter when we look at the data, we keep thinking to ourselves, ‘it is probably peaked now; it has reached its heights,’ and then it continues to grow,” she told the Brisbane Times. This high demand for housing, coupled with a lack of supply and construction delays, is maintaining the strong growth figures.
While Perth has recently held the title for the nation’s best spot for property investors, Brisbane looks every chance to overtake it as things begin to cool out west.
