Brisbane’s median dwelling price hit a high point of $855,000 in September according to the latest PropTrack Home Price Index released in October.
That equates to a 13.1 per cent price hike in the past year.
“Since the pandemic onset in March 2020, home prices have surged across Queensland, increasing by 75.2 per cent in Brisbane and 75.3 per cent in regional Queensland,” PropTrack senior economist Eleanor Creagh told realestate.com.au.
What’s driving the price growth?
One reason is the relative affordability of Brisbane compared to Sydney. While Brissie is pricey, Sydney is pricier – with a $248,000 gap between median prices in the two cities.
This is appealing to southern investors and those making the move north.
Another factor is that we’re still seeing lower levels of stock on market compared to historical levels.
But buyers are enjoying a flourish a fresh homes to market with the onset of the spring selling season.
Nationally, economic factors are also driving demand, but the odds are the pace of growth seen in recent years will hit a speed bump at some point.
“July’s tax cuts boosted borrowing capacities and buyers’ budgets, while the persistent growth in home prices is likely motivating some to overcome affordability challenges and transact,” said Ms Creagh.
“Though prices are rising, sustained high interest rates, cost of living pressures, weak consumer sentiment and affordability constraints are weighing.”
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