After seeing some amazing property price rises in our local region. It is official that Brisbane house prices have never been higher.
Brisbane house prices have soared to record heights for the seventh consecutive quarter, with five blue-chip pockets now topping the $1 million median mark.
According to the latest Domain House Price Report, greater Brisbane house prices shot up by 1.7 per cent price over the March quarter to an unprecedented $632,999, with the average home in the capital’s inner ring – as well as Indooroopilly and Sherwood – now likely to set you back more than a $1 million.
Those key hot spots included Brisbane inner city, inner east, inner west and the inner north – where house prices skyrocketed by 13 per cent over the past year to $1.2 million, 13.2 per cent to $1.053 million, 10.4 per cent to $1.17 million and 13.1 per cent to $1.1 million, respectively.
Sherwood and Indooroopilly were the only suburbs outside the inner-city sanctum to reach seven figures after a 5.8 per cent price rise over the same period placed houses in the combined area at a hefty $1.035 million.
Property punters have put the ongoing growth spurt down to cheap credit, low stock levels and rising house rents, while citing skyrocketing interstate migration as a key driver with reports out-of-state home hunters now make up a whopping 50 per cent of buyers in some pockets.
While it’s a perfect storm that’s lead to historically high house prices, Domain senior research analyst Nicola Powell said, for Sydney and Melbourne buyers, the sunshine state capital was still seen as a haven for bargain abodes.
“[The current house price] is 6.2 per cent higher than the same time last year … but [despite that growth] Brisbane is still affordable compared to other capitals … and buyers moving from Sydney and Melbourne will have deeper pockets so I think the fundamentals are there for continued price growth,” Dr Powell said.