Brisbane price growth was even faster for units than houses over recent months, and entry-level homes are attracting crowds of buyers.
Price gains come as affordability constraints push more buyers towards apartments.Brisbane unit prices have hit record highs and could surpass the half-a-million-dollar mark within months, as first-home buyers fleeing the rental market compete for the limited number of homes for sale.
House prices continued to recover, increasing 0.9 per cent over the quarter to a median $823,272. They have regained almost one-third of the value lost during the downturn, but are still 4 per cent below the market’s peak a year ago. “It’s highly possible that we could reach the half-million-dollar median mark soon. Unit prices would need to grow by another 4.5 per cent, so while it’s unlikely to happen in the next quarter, it could happen in the next nine months.”Meanwhile, house price gains were well below the average historical quarterly growth of 2.5 per cent, largely because of the economic headwinds playing out, she said.
For houses, new builds and fully renovated homes remained in high demand, as high building costs and delays steered buyers away from homes in need of work.
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