The Brisbane property market continues to be arguably the strongest in the country, with new data showing that house prices surged 4.43 per cent in the final quarter of 2023.
According to the Real Estate Institute of Queensland (REIQ), house prices in the Brisbane LGA rose even more at 6.9 per cent for the quarter, making it the top-performing area in the state.
At the same time, the Gold Coast saw its house prices increase by 5 per cent for the quarter.
In the unit market, prices across Greater Brisbane increased by 3.85 per cent in the final quarter of 2023, with Brisbane LGA increasing by 4.5 per cent.
According to REIQ, the current driver of upward prices is the shortage of supply and a lack of housing diversity. Brisbane is also experiencing a huge influx of immigration both from overseas and also from both Melbourne and Sydney as residents are attracted to the city’s more affordable house prices.
REIQ also found that the median sale price in Greater Brisbane was $783,000 while in the Brisbane LGA it has tipped over the million-dollar mark to $1.05 million.
Units continue to be more affordable across Greater Brisbane with the median sales price reaching $510,000, while they are just $540,000 in the Brisbane LGA.
Notably, house prices on the Gold Coast have also moved above $1 million for the first time, making it second only to Noosa with a $1.3 million median house price.
According to REIQ, in lifestyle locations like the Gold Coast, most of the stock coming to market is catering to luxury living, further perpetuating a high-end, high median market.
At the same time, there have been low levels of construction over a long period of time in QLD, lagging social housing builds, and the huge influx of migration to Queensland, which is putting huge pressure on housing.
This is leading to large numbers of people at home opens and multiple offers on properties in many instances REIQ said.
Brisbane has been seeing a huge influx of new residents since the onset of COVID. Initially, people moved to Brisbane to escape the government-imposed lockdowns, but after surging house prices have made living in Sydney and Melbourne more difficult, people are being attracted to both the lifestyle and cheaper accommodation.
According to Queensland’s Department of State Development, an extra 2.2 million will call southeast Queensland home by 2046, as the population in the region swells to 6 million people.
Almost 500,000 people are projected to move into the Brisbane City Council area alone, increasing the population to 1,721,000 by 2046.
The ongoing population surge is likely to put more pressure on Brisbane house prices, and make it one of the fastest-growing markets in the country.
