Useful Facts Without Opinions: Brisbane home prices up 1.5% in “record growth phase”
Brisbane home prices surged higher in February as buyers fought over fewer listings. According to the latest Core Logic Hedonic Home Value Index, “Australia’s housing market is now well entrenched in one of the strongest growth phases on record.” Brisbane home prices reached a new record median high of $535,618.
- Brisbane’s dwellings rose a further 1.5% in February, now up 5% on the same time last year.
- The Index reports Brisbane’s median apartment prices rose a full 1% during the month, while our houses were up 1.6%.
- Home price growth was strongest in Sydney and Hobart (up 2.5%) with the Index showing the the nation’s median rose 2.1%.
- Rental yields for a Brisbane apartment are reported at 5.2%, well ahead of the national average of 4%.
Core Logic’s Director of Research, Tim Lawless, believes the mismatch between supply and demand is a central factor pushing prices higher. “Housing inventory is around record lows for this time of the year and buyer demand is well above average. These conditions favour sellers. Buyers are likely confronting a sense of FOMO which limits their ability to negotiate.”
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