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Surging house prices mean one in 10 Brisbane homes will soon be worth $1m

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Queensland’s median house prices rose for a second consecutive quarter while Brisbane broke records and every region recorded an increase in prices over the July-September 2020 quarter, according to the Real Estate Institute of Queensland.

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The organisation’s chief executive Antonia Mercorella said Brisbane had enjoyed substantially improved demand across the entire market, with transactions now higher than pre-pandemic figures.

Noosa remains a standout with gains over the past years of more than 50 per cent that make it the most expensive market in the state.

“And with property prices forecast to perform strongly in the year ahead, it’s fantastic to see Brisbane reach a record-breaking $720,000 median price in these latest quarterly results on the back of 4.4 per cent annual growth,” she said.

While Brisbane was more affordable than other state capitals, Corelogic forecast that one in 10 houses sold in the capital would fetch more than $1 million within the next two years.

“Where Brisbane real estate is uniquely positioned is thanks to a range of underlying strong market drivers including liveability, affordability and economic investment. It’s for these reasons that Brisbane remains Australia’s leading capital city where you can confidently purchase an affordable home,” Mercorella said.

She said regional Queensland had been leading the charge with quarterly growth of 3.2 per cent.

The top performers were mining districts like which rose by a staggering 28.5 per cent.

The Shire of Murweh in the Maranoa district rose an impressive 21.2 per cent and the Western Downs region northwest of Brisbane recording 15.4 per cent growth for the quarter.

Noosa’s quarterly median unit price was the category’s top performer for the state as well, rising 5 per cent to $705,000. The remainder of the Sunshine Coast also posted strong results, achieving the second-highest median unit price for the quarter – $445,000.

“Noosa has clearly seen the biggest market gains when you consider its ushered in a median house price of $895,000 on the back of an incredible five-years’ growth of 53.6 per cent, easily maintaining its position as the most expensive housing market in Queensland,” Mercorella offered.

“The Sunshine Coast property market continues to remain one of the prime spots in Australia, with quarterly growth of 1.8% with a median house price now $620,000.”

“Beyond the Sunshine Coast, Rockhampton and Mackay’s housing markets are Queensland’s biggest growth stories rising 6.7 per cent ($275,000) and 6 per cent ($379,000) respectively for the quarter.

“Townsville properties have also put in another strong performance, becoming the second-best performing region over the September quarter (3.1 per cent to $338,000).

“Gladstone land prices have soared, increasing by 20 per cent in just three months. It demonstrates current property market trends, with buyer demand at an all-time high since COVID-19 first took hold back in March.

“First-home buyers, in particular, have been quick to move on both new builds and vacant land thanks to the HomeBuilder grant while Queensland’s rising interstate migration is also steering the property upswing.

“We’re clearly living in extraordinary times. As a result of the COVID-19 pandemic, not only has it haphazardly fluctuated consumer sentiment – that same unpredictability has seen Queensland’s property market perform in ways that go against all of the economic predictions that were made early this year.”

 

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