Brisbane Property Market Experiences Highest Recorded Price Growth!

Wayne Morgan Posted on 14 Dec 2020

" MOUNT GRAVATT EAST EXPERIENCES THE HIGHEST SALE PRICE GROWTH EVER RECORDED! "

According to the Sunday Mail, Brisbane sale prices have conquered one of the market's toughest years in history to hit an all-time record high, defying dire predictions values could plummet. New figures from Queensland's peak housing industry body reveal the median house price has climbed 1.4% in the last quarter.

"While Brisbane property prices are still considerably more affordable than other states, CoreLogic forecasts that one in ten houses sold in Brisbane will fetch more than $1 million within the next two years, offering some of the best prospects of long term capital growth," says Antonia Mercorella CEO Real Estate Institute of Queensland.

The suburb that recorded the highest price growth for the September quarter was non-other than our local Mount Gravatt East. Securing itself as the best performing suburb for unit & townhouse sales with an astonishing 6.1% increase to the median value.

Our team has contributed to this increase in large numbers and has held the highest townhouse sale prices in Mount Gravatt East month to month. There was a total of 42 unit & townhouse sales in the suburb of Mount Gravatt East and we are currently holding 29% of the market share.

With Brisbane's local affordability and lifestyle advantages resulting in some of the strongest interstate migration rates the state's ever experienced, we are making our own prediction that next year will only see further increases and more record sales for your properties and our team!

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The suburbs that recorded the highest house price growth in Brisbane LGA in the past quarter are Ashgrove, with a 6.9% increase in its median house price to $1.175 million, followed by neighbouring Mitchelton and Tarragindi on the southside.

Annually, Yeronga, St Lucia, and Fig Tree Pocket all recorded double-digit growth in their median house prices of 31% and 38.5%.

"In fact, the impact of COVID-19 and the associated migration restrictions have had the smallest impact on Queensland's population growth to date, with strong interstate migration into Queensland set to continue," says Antonia.

Universal Buyers Agents director Darren Piper said he had never seen buying conditions this busy in Queensland.

"We're seeing properties get snapped up sight unseen and within days of reaching the market," Mr Piper said. "As much as 40% of properties are being bought off-market before they even reach a public listing. Demand is absolutely booming." Mr Piper said coastal properties and larger homes were most in demand, particularly from interstate and international buyers.

REIQ Brisbane West chair Phil Bloom said a lack of stock coupled with strong buyer demand is helping to prop up home values. "First home buyers are back in force, especially those who've managed to sustain suitable employment levels through COVID, and they're buying up using as much of the available government grants as possible," Mr. Bloom said. He believes conditions are ripe for further price increases in the year ahead.

"The fundamentals have been right for a number of years now and people have got confidence about moving here (from out of town)." Mr Bloom said he had noticed an increase in upgraders looking for more space. "There's a flight towards large suburban houses, which makes logical sense," he said.

"We're working from home, so we all want a nice house to work from. With interest rates so low, homebuyers are taking advantage of their borrowing power."

The coming years will see extensive major infrastructure works in Brisbane, with projects such as Queens Wharf and Cross River Rail set to boost employment and lifestyle.

BRISBANE LGA BEST PERFORMING SUBURBS FOR HOUSES SEPT QTR 2020

Suburb Median house price Quarterly change

Ashgrove $1.175m - 6.9%

Tarragindi $880,000 - 5.4%

Mitchelton $720,000 - 5.3%

Kenmore $750,000 - 4.4%

McDowall $729,000 - 4.4%

Banyo $605,000 - 4.2%

Clayfield $1.1m - 3.4%

Carina Heights $753,500 - 3.1%

Parkinson $730,000 - 3%

Manly West $642,500 - 3%

(Source: REIQ)

BRISBANE LGA BEST PERFORMING SUBURBS FOR UNITS SEPT QTR 2020

Suburb Median unit price Quarterly change

Mount Gravatt East $443,000 - 6.1%

New Farm $610,000 - 2.8%

Newstead $650,000 - 2.8%

Taringa $428,750 - 2.3%

Kangaroo Point $557,500 - 2.1%

(Source: REIQ)

Another of our local suburbs that has out performed this year is Holland Park with a cool 10.8% increase in the median house sale price to $795,000 - securing it a position in the top 20 of Brisbane's highest growth suburbs 2020.

Research has shown the houses that lifestyle properties were in high demand post-pandemic, but all housing types were attracting buyers. Houses that are priced correctly are not lasting long on the market, with buyers prepared to pay a premium to secure their slice of Brisbane real estate.

Have you seen an increase in your property's value, or noticed that the neighbours houses have signboards popping up? With the market conditions beautifully prepped for a record-breaking 2021, if you are thinking of selling, now may be the right time to go. Our team would love to help you with the right advice to make this decision. We are available to you always - click here to contact us now

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