Brisbane property prices go into overdrive as investor demand surges – Financial Review
Investors from near and far have shifted Brisbane property prices up a gear, as the number of suburbs gaining double-digit growth in the Queensland capital has nearly doubled over the past six months.
McDowall in the city’s north (16 per cent growth in unit prices), Durack in the south (13.6 per cent growth in houses) and Murarrie in the east (where apartments have jumped 18.1 per cent over the past 12 months), have had their rate of price growth speed up sharply since the start of the first half of the year, real estate agency PRD Nationwide says.
In some cases, the turn around is dramatic. Six months ago, units in the inner south-eastern suburb of Coorparoo were falling at a rate of 6 per cent. Now they are growing at a rate of 10.7 per cent.
Six months ago, only 18 of Brisbane’s 195 suburbs were experiencing price growth in double-digit figures. That has increased to 35, PRD Nationwide’s latest Brisbane Hotspots report shows.
Investors from near and far have shifted Brisbane property prices up a gear, as the number of suburbs gaining double-digit growth in the Queensland capital has nearly doubled over the past six months.
McDowall in the city’s north (16 per cent growth in unit prices), Durack in the south (13.6 per cent growth in houses) and Murarrie in the east (where apartments have jumped 18.1 per cent over the past 12 months), have had their rate of price growth speed up sharply since the start of the first half of the year, real estate agency PRD Nationwide says.
In some cases, the turn around is dramatic. Six months ago, units in the inner south-eastern suburb of Coorparoo were falling at a rate of 6 per cent. Now they are growing at a rate of 10.7 per cent.
Six months ago, only 18 of Brisbane’s 195 suburbs were experiencing price growth in double-digit figures. That has increased to 35, PRD Nationwide’s latest Brisbane Hotspots report shows.
It was a big change for a city in which annual price growth had normally been between 3 per cent and 5 per cent,” and maybe 7 per cent if you’re lucky”, PRD Nationwide’s national research manager Asti Mardiasmo, said.
“Whether it’s inner western, eastern, what have you, there are now suddenly all these suburbs that have double digit growth that they’ve never seen before,” Dr Mardaismo said. “It’s kind of going nuts.”
The Real Estate Institute of Queensland on Wednesday said the median Brisbane house price had jumped to $610,000 in the June quarter, after hovering around the $600,000-level for some quarters.
