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Brisbane has solidified its position as a property market hotspot by reaching new record highs amid the pandemic, according to a new analysis.
A Place Advisory study revealed that Queensland had recorded more sales transactions than Victoria and NSW over the September quarter. Year on year, the volume of house sales is up 10 per cent across Greater Brisbane.
The latest data also showed that interstate investor purchases of houses in Brisbane have surged by 148 per cent since the COVID-19 outbreak in 2020.
Commenting on the figures, Place managing director and Place Bulimba high-end sales agent Sarah Hackett said that she has never seen such a level of interest for Brisbane properties in her entire career.
She attributed the strong interest in Queensland’s property market to the state being less affected by COVID-19 lockdowns and restrictions than its southern counterparts.
She also underlined that rising affordability constraints in bigger capital cities and an observed shift in lifestyle choices have contributed to Queensland’s appeal to buyers. “Those who once spent money on going overseas are now buying holiday homes in the state,” she said. During the last quarter, Queensland saw a population increase of 38,000, indicating strong interstate migration.
And it’s not just sales volumes that are rising — Brisbane house values have hit new milestones as well.
In a first for the Sunshine state capital, median house prices in all suburbs across the city’s inner ring (0-5km from the CBD) have reached one million or even higher.
Over the year to 21 September, Kangaroo Point was the suburb to record the biggest price increase, rising by 158 per cent to $2,529,677. This was followed by , up by 129.1 per cent to $2,500,000; Spring Hill, up by 61.7 per cent to $1,802,115; , up 59 per cent to $2,683,333; and Dutton Park, up 54.5 per cent to $1,638,667.
Brisbane braces for record auction volumes
The record figures come as Brisbane prepares for its biggest auction weekend in history.
Place Estate agents, a south-east Queensland’s residential property organisation, reported that 60 properties are set to go under the hammer over three days from 22-24 October.
Place managing director and auctioneer Paul Curtain said that they are expecting “another wave of interstate and overseas buyers” over the busy three-day period.
With Place reporting an average of 12 registered bidders at auctions, demand for a slice of Brisbane is not seen to wane any time soon.
“Brisbane’s auction clearance rates are now on par with that of Sydney and Melbourne, sitting at 80 per cent,” Mr Curtain said.
“We are bringing a high volume of stock to the market, and this biggest auction weekend is giving buyers the opportunity to buy and settle before Christmas.”