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Brisbane
Greater Brisbane house prices are at a new record high at $632,999. House prices have risen modestly for seven consecutive quarters, up a further 1.7 per cent over the March quarter. This is 6.2 per cent higher than the same time last year. This has provided homeowners with steady capital growth. First-home buyers saving a lump sum will welcome consistently modest growth, as well as support from incentives and cheap credit. Brisbane still has a two-speed market, with unit prices falling over the quarter and year, down 0.5 per cent and 1.1 per cent lower respectively. Affordability has improved for buyers who are paying a multi-year low for a unit at $398,612. The divergence of house and unit prices has made the value gap between purchasing a house and unit the largest on record.
The Gold and Sunshine Coasts continue to be standout performers, although the pace of price acceleration appears to be easing on the Gold Coast. Prices hit new records on the Sunshine Coast, with houses providing some of the strongest rates of annual growth across Australia. Sunshine Coast house prices increased 6.9 per cent over March to $770,000, a staggering 19.4 per cent higher than one year ago. Units on the Sunshine Coast jumped 10.2 per cent over the quarter to $550,000, 18.3 per cent higher than last year. This is the quickest rate of price increases in roughly 17 years. Gold Coast houses hit a new record high at $749,950 following a 4.2 per cent quarterly increase, lower than previous quarter. Unit prices on the Gold Coast weakened 1.2 per cent over the quarter to $479,400.
South-east Queensland's housing market has become increasingly popular to interstate buyers. The number of Australians relocating to Queensland from other states is at its highest level since 2006. COVID-19 has been the driver of change, accelerating an exodus from the larger cities of Sydney and Melbourne, and shifting residents across state borders - Queensland has been the population winner. Changed lifestyle preferences post-lockdown and the option of remote working has driven demand to south-east Queensland as buyers are drawn by affordability, liveability, climate and greater value for money.
Median Price
March 2021 QoQ Change
HOUSES
1.7%
Median Price $632,999
UNITS
-0.5%
Median Price $398,612
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