Brisbane housing prices grew almost three times as much as expected this past year, with prices set to rise further amid fresh predictions it will outperform all other Australian capitals in 2022.
Brisbane has well and truly surpassed expectations of a dwelling price rise of 8 per cent in 2021, instead notching a 25 per cent jump off increased interstate migration, low stock and heightened demand.
Brisbane’s house prices have increased by a staggering 27.9 per cent in the past year, with the median price now $757,000, following a peak-to-trough fall in values of -1.4 per cent between April and September 2020.
November’s bump in dwelling prices was a modest increase from the previous month, when dwelling values grew at a rate of 2.5 per cent.
House price growth has also seen an uptick and unit prices have lost some momentum after lifting by 2.8 per cent and 1.3 per cent respectively in October.
According to Corelogic, property values rose 2.9 per cent in November—the biggest increase of any capital city—to be up 25.1 per cent over the year, providing sellers with a gross yield of 3.8 per cent.
The rise in Brisbane home values over November, the most in 18 years, was closely followed by Adelaide, which was up 2.5 per cent for the month, the biggest gain in 28 years.
The current median value for a property is now $662,000, and has further advanced an additional $20,000 during November.
A typical Brisbane house is now about $180,000 more expensive than it was at the beginning of January, while units have experienced a gain of $52,000.
Brisbane’s north remains a hot spot for property price growth, with an increase of 24 per cent across the year, while inner Brisbane houses have recorded record rises of up to 28 per cent for the year.
In the past three months, Bunya in Moreton Bay has surged by 12 per cent with a similar increase in Auchenflower in the inner west.
Teneriffe and New Farm have now crossed the $2-million median mark with Ascot and Hamilton likely to follow suit early next year.