Brisbane and Queensland home prices have hit new highs and it’s getting harder for buyers to get in. According to the latest PropTrack Home Price Index released today, Brisbane’s median dwelling price is $855,000 in September, up 75.2% since March 2020.
PropTrack’s senior economist Eleanor Creagh said the growth was massive, with Brisbane up 13.31% in the past year. The rest of Queensland wasn’t far behind, with a 10.98% increase to a median dwelling price of $695,000.
“Since the pandemic started, home prices have gone through the roof in Queensland,” Creagh said. “Brisbane is one of the top performing markets over the past year.”
The demand is driven by interstate investors who are attracted to the $248,000 price gap between Brisbane and Sydney. Despite affordability concerns, demand is still strong and prices are rising across most of the country.
Several regions outperformed Brisbane’s annual growth. Townsville was the top performer nationally with a 23.53% increase to a median dwelling price of $464,000. Central Queensland was second with a 19.69% rise to $469,000, while Ipswich was third with 17.83% to $701,000. Within Brisbane, the western suburbs grew 15.08% to $1.127 million and the northern suburbs 14.78% to $941,000.
The Gold Coast also grew 11.49% to $963,000. Cairns and the Sunshine Coast grew 9.26% and 8.01% respectively.
“Prices are up, but high interest rates, cost of living pressures, weak consumer sentiment and affordability constraints are still weighing,” Creagh said. “Uncertainty around when interest rates will cut could slow the pace of growth, but prices will still rise through the busier spring selling season.”
While other states are seeing more homes come onto the market, Queensland is still short of supply. Many are turning to units as they are being locked out of the house market.
September Home Price Performance:
- Brisbane: +13.31% to $855,000
- Rest of QLD: +10.98% to $695,000
- Townsville: +23.53% to $464,000
- Central Queensland: +19.69% to $469,000
- Ipswich: +17.83% to $701,000
- Brisbane West: +15.08% to $1,127,000
- Brisbane North: +14.78% to $941,000
- Gold Coast: +11.49% to $963,000
- Cairns: +9.26% to $546,000
- Sunshine Coast: +8.01% to $1,004,000
