00:00Vikram Singh's looking to buy a family home in Brisbane.
00:06The market price is increasing. I hope it will be stable next year.
00:12He's spending his weekends at open homes. Many prospective homebuyers are in the same
00:17position.
00:18The rate is very high for people with limited budget, so it's a bit challenging.
00:26Recent data from CoreLogic shows house prices dropped 0.01% on average nationally in the
00:33last quarter. But in Brisbane, they were up 1.3%.
00:38The average house costing $890,000, the second highest average behind Sydney.
00:46While demand is slowing slightly, prices are still increasing.
00:50South East Queensland is quite unique in that it is still attracting a lot of people, so
00:56it is still getting international migration, but interstate migration in particular is
01:00playing a key role.
01:02Constraints on the construction industry, including the cost of materials, continue
01:06to impact on house prices. Some in the real estate sector say new homes just aren't being
01:12built quick enough.
01:13Fundamentally for Queensland, there is an undersupply of housing that's going to lead
01:19to prices remaining elevated.
01:22The Real Estate Institute of Queensland says the apartment and unit market is expected
01:27to rise at a faster pace than homes.
01:30It does tend to be the more affordable option and it does represent an opportunity to get
01:36that first step onto the property ladder for many.
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