The Urban Developer’s latest Brisbane housing market insights, looking at the month for July, reveals that it’s been a stellar year for the city’s residential market despite on-going snap lockdowns.
Brisbane’s typically slow-moving property market has continued to rise as part of a post-pandemic boom that experts say could fuel a further 15 per cent rise in house prices in the coming year and more than double by the time the 2032 Olympic Games commence.
The latest Corelogic home value index shows Brisbane dwelling prices have risen by 2 per cent on a rolling four-week basis.
Brisbane house prices advanced a further 2.2 per cent during July, pushing it up 6 per cent for the recent quarter and 15.9 per cent for the year to date.
The current median value for dwellings is $589,000 which is $3000 higher than just a month ago.
The median house price of $675,000 continues to attract interstate migrants from the larger markets of Sydney, where the median is now $1.25 million, and Melbourne at $945,000.
The current median unit price in Brisbane is $419,000, which is $4000 more than one month ago.
With a population of roughly 3.7 million, Queensland’s southeast is Australia’s fastest-growing zone.
Forecasts suggest it will top five million by the middle of the next decade.
Corelogic research director Tim Lawless said if the Sydney 2000 Olympics were any indication, Brisbane could be tracking a similarly strong performance.
Between when the Olympics were announced in September 1993 and when they were held in September 2000, Sydney dwelling values jumped by 60 per cent, almost twice the growth recorded across the broader combined capital cities benchmark region.
Source: Brisbane Housing Market Insights: August 2021