Brisbane is now the fastest-growing capital city property market in Australia, where house prices are growing by Olympic proportions.
Domain chief of research and economics Dr Nicola Powell said a unique cocktail of ingredients was behind the surge, which unlike Sydney and Melbourne was far from fizzling out.
Brisbane is now the fastest-growing capital city property market in Australia, after house and unit medians skyrocketed 32.1 per cent and 9.3 per cent respectively in just one year.for the March quarter revealed house prices in the Sunshine State capital rose a remarkable $553 per day to a record $831,346 – the steepest annual upswing in 18 years. Units jumped $37,299 to a record $437,034 median, their llect their sharpest annual rise in 14 years.
“This interest will be supercharged by the opening of international borders, eased social distancing rules and high vaccination rates – particularly from young families seeking better affordability, lifestyle, work-life balance, and the expanding jobs market on offer in Queensland. Also, the 2032 Olympic Games will underpin strong infrastructure, population, and economic growth over the next decade.
“We are also the more affordable place compared to Sydney and Melbourne. We’re still about 30 per cent cheaper than Melbourne and 50 per cent cheaper than Sydney. “We were at 100 per cent maximum capacity of a thrilling market. Now we’re at 90 per cent. We’re still getting multiple bidders … and it’s still an extremely good market,” he said.“Brisbane has a strong infrastructure outlook. On Tuesday night I auctioned a property in a street that was water effected during the floods ... and it sold last night with over 10 registered bidders for over $3 million.
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