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And while Sydney’s high-priced market and bumper prices tend to dominate the discussion, there is one other capital city that has proven to be unstoppable.
Famous for its climate, lifestyle and more affordable property market, Brisbane’s unstoppable property market has emerged as a leader in price recovery.
Unlike the post-pandemic property downturns seen in markets elsewhere, Brisbane’s price downturn was “short and sharp”, according to the Domain’s September housing report.
Following a pandemic population surge and an increase in values of more than 43%, Brisbane’s property prices hit a record high in mid-June 2022, soon after the Reserve Bank of Australia (RBA) commenced its rate-tightening cycle.
Since slumping in December 2022, house prices have already recouped $39,000 of the $47,000 value lost.
Brisbane’s median house price rose 1.4% to $848,752 in the September quarter, meaning they’re now just 1% (or $8,000) below the peak, Domain’s report showed.
And data reveals both house and unit prices are on track to reach a record high before the end of 2023.
In fact, if prices continue to grow at the same pace as they did over the September quarter, home prices in Brisbane would be set to end the year up 8.0%, which would be close to double the average annual growth since 2010.
The record highs are also being felt outside the city – property prices in the Gold Coast and across many areas of regional Queensland are also sitting at record highs.
Brisbane’s unit market is steaming ahead
It’s not just the housing market outperforming either, Brisbane’s unit market is also unstoppable, having performed strongly for 6 consecutive quarters in a row.
The median unit price climbed 1.7% over the three months to September and 7.8% over the year