Median house prices have increased 1.5% in Brisbane’s property market reaching a new high of $680,000. The recent Real Estate Institute of Queensland Market Monitor report has revealed further capital growth in Brisbane even though there is a slump in national growth.
With 27 straight quarters of capital growth Brisbane’s housing market is not showing any signs of slowing down. However, Brisbane’s weaker unit and apartment market saw the median price drop 2.0%, to $441,144.
Which Are the Best Growth Suburbs?
Auchenflower recorded 23.1% growth over the 12-month period. Gordon Park, Northgate Clayfield and Hamilton all saw growth in double digits for the year. With these suburbs remaining in high demand, with a healthy amount of reasonably priced properties available, they are seeing outstanding growth.
Suburbs like Durack now have a median house price of $445,722 which means property owners have gained 10% on their investment in just a year. Other forward moving suburbs like Riverhills and Westlake in the inner west and Nudgee in the inner north all saw growth around the 10% range.
The housing market of Greater Brisbane, which incorporates the LGAs of Redland, Ipswich, Moreton Bay, Logan, and Brisbane, has been comparatively stable in the last 12-months, with the region recording an average of 1.9% growth.
Ipswich’s 1.8% increase took its median house price to $346,000. Logan’s 1.3% took median pricing to $400,000. The biggest performer was Moreton Bay with a solid 2.5% increase to $450,000 median.
The analysis shows the unit and townhouse sector across Greater Brisbane saw price declines of 1.5 per cent. Outside of Brisbane, and the rest of the Queensland market was easily outperformed by Noosa, recording annual returns of 8.7% and a median pricing of $940,000.