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Feeling wealthy? Our house prices soared $42,000 in 3 months

Business

Brisbane real estate prices rose by 6.1 per cent in the September quarter and 19.7 per cent for the year as the value of Australia’s dwellings jumped above $9 trillion.

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The mean, or average, price of all Australian residential dwellings rose by $42,000 in the three months to $863,700, according to the Australian Bureau of Statistics. In Brisbane, it was $681,000 while Sydney was now $1.1 million and Melbourne $920,000.

For the year to the end of September, the ABS said Brisbane prices were up 19.7 per cent, the biggest increase since 2008. Brisbane houses alone were up 22.2 per cent for the September year and 6.9 per cent for the quarter.

Attached dwellings rose by 2.3 per cent in Brisbane.

The ABS said the price increases occurred across all segments but were most evident in the Brisbane mid-market range of $320,000 to $410,000.

The Bank of Queensland said its home lending portfolio added an extra $1 billion for the September quarter.

In its trading update, the bank said it had experienced strong home loan application numbers and its lending was above-market growth.

Its newly acquired ME Bank also returned to growth in November and application volumes in the first quarter were up 62 per cent compared to the 2021 average.

Business banking was up by $200 million for BoQ’s first quarter.

BoQ said the banking sector had experienced net interest margin headwinds in the September quarter because of increased competition, tougher trading conditions and the RBA decision to remove yield curve controls.

“This would result in lower full-year net interest margin than previously guided,” the bank said.

However, it forecast lower expenses for the year and synergies of $23 million had been made since the ME Bank purchase.

 

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