The Brisbane suburbs recording double digit home price growth

The latest Real Estate Institute of Queensland (REIQ) quarterly market monitor reveals the median house price for the Brisbane local government area rose 1.5 per cent in the year to the end of March to $690,000, while unit prices rose 1.2 per cent annually to $420,000.

Twelve suburbs outperformed the overall market, achieving double-digit house-price growth over the 12 month period.

Fig Tree Pocket was a standout — the median house price in the western suburb jumped 36 per cent, followed by Milton at 34.6 per cent, Windsor with 24.5 per cent and Seven Hills with a 22 per cent increase.

The median unit price in Bulimba rose 22 per cent, followed by more than 17 per cent in Murrarie, 16 per cent in Enoggera and 15 per cent in Morningside.

REIQ chief executive Antonia Mercorella said Brisbane was on track to be one of the best-performing property markets in the country over the next few years, despite the uncertainty created by the health crisis.

Ms Mercorella said the Brisbane market has managed to remained stable, despite the trading restrictions during lockdown, because real estate had continued to transact on the back of the federal government’s economic reforms.

“Historically Queensland’s property market has shown strong resilience during times of economic turbulence,” she said.

“During the GFC, prices strengthened over the medium-term in many locations, courtesy of economic stimulus as well as low interest rates. Likewise, after the last recession and subsequent natural disasters, prices continued to firm over time — even with high unemployment.

“The illiquid nature of property as well as the proclivity for property owners and investors to hold for the long-term means this asset class can withstand short-term financial upheavals better than most, which is likely to be the situation after the pandemic. There is a reason why the adage ‘as safe as houses’ has been around for so long.”