The median home price in Brisbane in the city is revealed
With many residential home prices experiencing a slowing of growth in the last quarter of 2023, Brisbane remains one of Australia’s capital city standouts and one to watch this year.
The latest PropTrack Home Price Index report, released this month, revealed Brisbane home prices rose 0.27% to reach a new peak in December.
PropTrack’s economist Anne Flaherty (pictured above) said greater Brisbane was one of the strongest performing regions for home price growth in 2023, with values rising 10.45% to reach a new record high.
“Brisbane has consistently outperformed since the onset of the pandemic, with prices sitting 57% higher compared to March 2020,” Flaherty said.
“Brisbane has seen the second highest capital city growth behind Adelaide and is well above the capital city average growth of 31.8%.”
The median home price in Brisbane is now $783,000.
Flaherty said at least some of this growth is down to high levels of population growth pushing up demand for real estate, particularly post-COVID with Brisbane the fastest growing capital city in recent years.
“An increase in population has resulted in stronger demand for housing, which has been key to driving up prices, even against a backdrop of higher interest rates,” Flaherty said.
Property price growth slow Australia wide
The house price growth is at odds with what’s being seen across most of the country where several factors contributed to the slowdown in home prices over the last quarter of 2023.
“There was an additional interest rate rise as well as an increase in the supply of homes listed for sale, which provided buyers more choice and helped to alleviate competition,” Flaherty said.
“Despite regional areas experiencing higher growth in December, combined capital city areas were the clear outperformers in 2023, with prices up 6.44% over the course of the year versus 3.2% in the rest of state markets.”
Property supply constraints
Flaherty said even though recent months have seen a rise in the number of properties listed for sale, overall supply remains relatively constrained, particularly in Perth and Brisbane and this has been a key contributor to price rises in these markets.
“Despite the cool down in capital city prices seen over December, prices in 2024 will be supported by population growth and what looks likely to be a more stable interest rate environment,” Flaherty said.
At the end of last year the Real Estate Institute of Queensland’s CEO Antonia Mercorella said the Queensland' property market had consistently performed well and continues to be an attractive option for buyers.
She said interest in regional housing markets in Queensland was also on the rise, driven by their affordability and attractive annual growth rates.
Why does Brisbane hold such appeal for buyers? Share your thoughts below
