A surge of Australians looking to buy a property has seen prices soar in Brisbane suburbs over the past two years.
Property prices have hit record highs this year and, despite the effects of Covid19 recent Domain Research shows median prices rose annually 5.6% in Brisbane houses.
Of course such broad city wide generalisations are not very helpful has while some areas are booming, others are being left behind in the dust.
The Domain research found that by mapping price movements at a suburb level, the priciest suburbs tend to lead the property cycle.
For a closer look, let’s break the data down by each of Australia’s three major cities.
But note that only house data is included in Domain’s research. This means some inner-city suburbs are not featured in the maps because their housing stock is dominated by units.
Suburb with the biggest price increase: Thorneside (28.5%)
Suburb with the steepest price fall: Burpengary East (8.4%)
Changes in Brisbane property prices over the past two years
Brisbane: Mapping the market over COVID
During the height of Covid-19, Brisbane’s housing market defied the odds, shone through, and even came out relatively unscathed.
By the end of 2020, Greater Brisbane’s property price median hit a new record high of $616,387, which is $28,000 above the previous record set in early 2020.
House prices have risen modestly over each quarter of the 2020 calendar year, rising a further 0.8% over the December quarter to end the year 5.6% higher than the last.
Dr Nicola Powell, Senior Research Analyst at Domain explained:
“First-home buyers became active utilising incentives and low mortgage rates became the norm.
Upsizing buyers were enticed by cheaper credit and altered their wish-lists to think more about property characteristics such as space and lifestyle, rather than commute time and distance to the CBD.
The rising interest from interstate buyers and the movement of residents from regional Queensland into Greater Brisbane will continue to support demand. Outer suburban and lifestyle areas will be the main beneficiaries.”
By December 2020, 85% of Brisbane’s suburbs recorded annual growth.
Double-digit percentage price rises were even noted across 17% of suburbs.
In Brisbane’s north, 88% of suburbs increased in price, 86% in Brisbane’s west, and 85% in Bayside South.
In Bayside North and Brisbane East growth was seen in around 80% of the suburbs in the area.
Brisbane’s suburb of Thorneside recorded the strongest growth across all the suburbs with a 28.5% increase in house prices over the two-year period.
Virginia, Highgate Hill, Carina Heights, and Yeronga also saw house prices surge more than 20%.
Despite most Brisbane suburbs enjoying property price growth, 15% of suburbs recorded a fall in median house prices by December 2020.
The steepest price falls were seen in Ormiston (8%) and Burpengary East (8.4%).
Article Source: propertyupdate.com.au