Brisbane now Australia’s second most expensive capital as property prices continue record rise

ABC NEWS (Australia)

Australian house prices are rising at their fastest rate in nearly four years, according to a new report. The data published by Domain reveals the median house price in Sydney has now hit a record $1.75 million, with lower interest rates and improved borrowing capacity driving demand. Meanwhile, Brisbane has become the country’s second most expensive capital, with extreme price points found across South East Queensland.

Transcript

00:00Australia's housing market has been reignited and we certainly are seeing momentum coming

00:07back into all of our capital cities. We do have every single capital city rising, both

00:12for houses and for units. The only one that bucks that trend is units in Canberra did

00:17fall over the most recent quarter. When we look at the combined capital cities, we've

00:21now seen 11 consecutive quarters of growth. So it is continuous growth. And when we look

00:27at that most recent quarter, it's the strongest increase we've seen across the combined capitals

00:31in almost four years. So momentum is certainly coming back in. What we have seen over the

00:35most recent quarter is Brisbane is now Australia's second most expensive capital city, not only

00:41to purchase a house, but also to purchase a unit. We have seen extreme change in price

00:46points across South East Queensland actually overall. We do have record pricing. It continues

00:52to grow. This is the longest stretch of rising prices we've seen in Brisbane really since

00:59in a couple of decades. So we have seen that price point really change across Brisbane's

01:03housing market. I think it is a result really of strong levels of population growth. When

01:09you look at interstate, net interstate migration and net overseas migration into Queensland, it's

01:15running three, four times faster than what we would see in the 2010s. And it has a chronic

01:21under supply. So our expectation is prices are going to continue to rise in Brisbane.

Category

Transcript

Be the first to comment

Recommended