Brisbane home prices rise a shock $86,000 in one year

Brisbane home prices have surged $86,000 in the past year – the biggest single rise of all Aussie capitals – with Queensland also topping regional charts with an astonishing double digit pace.

The latest PropTrack Home Price Index, out Monday, found Brisbane home prices surged 9.6 per cent annually to reach $936,000 for all dwellings (including houses and units) – a powerful testament to the Queensland capital’s resilience.

That pace was outdone by regional Queensland’s 9.9 per cent rise – where medians rose by $75,000 to $738,000 – with a shocking four of its SA4 regions topping national charts off huge double digit growth in the past year.

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Brisbane has had the biggest dollar increase in home prices of all capitals and regions.

Townsville dwelling prices led the nation with a 17.6 per cent jump to $569,000, followed by Mackay–Isaac–Whitsunday on a 14.7pc rise to $565,000, Central Queensland increasing 14.3pc to $547,000 and Toowoomba (west of Brisbane) up 14.1pc to $697,000. Their closes regional rival in the rest of the country was the South East of South Australia that saw a 13.9pc increase to $525,000.

REA Group senior economist, Eleanor Creagh, said the market upswing was being fuelled by interest rate cuts, improved buyer sentiment and stronger borrowing capacity.

She said regional Queensland was firmly in the spotlight for investors and other buyers now.

“As we enter spring, the housing market appears poised for another leg higher, albeit strengthening in some capitals while normalising in others.”

For Brisbane, this means that while growth may be moderating slightly off its blistering pace set since the pandemic, the city remains a powerful force in the housing market.

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REA Group senior economist Eleanor Creagh

This as South East Queensland continues to sizzle, with home prices on the Gold Coast now closing in on Sydney, with values surging almost 9 per cent in the past year – more than twice the pace of the market leader.

The Gold Coast median house price was now $1.32m – the only regional market in the country where prices outstrip its capital – while Sydney’s median house price hit $1.581m in the latest figures, growing at a slower pace of 3.8 per cent per annum.

“Gold Coast is the only market in Australia where the capital has a cheaper median than a regional centre,” she said.

“The median value of houses in the Gold Coast, at $1.32m, is really starting to close in on Sydney. The Gold Coast is continuing to see strong home price growth, kind of in tandem with the broader southeast Queensland market. It’s very much a continuation of the trend we’ve seen over the past few years.”

Gold Coast home prices are beating Brisbane and chasing down Sydney values.

“You’ve got lifestyle, demand, hybrid work, flexibility, infrastructure investment ahead of the upcoming Olympic Games. There have been a lot of factors really underpinning demand on the Gold Coast.”

Australia has now seen eight consecutive months of growth with home prices hitting a new high nationally and records tumbling across the country as the property juggernaut shows no real sign of a slowdown.

The strongest gains for capital cities and regions overall came off regional South Australia (+13.3pc), Darwin (+10.4pc), regional Queensland (+9.9pc) and regional Western Australia (+9.9pc).

** With Tim McIntyre

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