The rate of price growth has remained stable in Brisbane after reaching a peak in March this year after values rose 2.4 per cent across the month.
The city ranked third-fastest city nationally for August behind the much smaller markets of Canberra, up 2.2 per cent, and Hobart up 2.3 per cent.
August’s dwelling prices growth was unchanged from July, while house prices moderated over the month losing a bit of steam as the apartment market surged.
The latest Corelogic figures, for August, reveal property values rose 2 per cent, and are now up 18.3 per cent over the year.
The current median value for a dwelling is $612,000 after further advancing an additional $14,000 during August.
Brisbane house prices grew by 2.1 per cent, a slight dip from the 2.2 per cent increase in July, to be up 6.7 per cent for the quarter and 20.2 per cent for the year.
Brisbane’s median house price of $691,000, which rose by $13,000 in August, is still less than half of Sydney’s but is now on par with that for Adelaide and Hobart.
The average unit in Brisbane is now selling for $425,000, a gain of $6000 over the month, however, the growth gap between houses and units continues to widen.
Experts now say this post-pandemic boom could fuel a further 15 per cent rise in house prices in the coming year and more than double, with a likely median of $1.5 million, by the time the 2032 Olympic Games begin.