Brisbane’s property market holds strong, rises despite COVID-19 recession

A global pandemic and COVID-19-related recession have proved no match against the steady reliability of Brisbane’s property market, with new data revealing both house and unit median prices are rising.

Despite the economic uncertainty of 2020, the latest Domain House Price Report, released Thursday, found Brisbane house prices rose 1.3 per cent over the September quarter to a new median of $714,500.

House prices are also 6.6 per cent higher than they were this time last year when the median was $670,000.

Brisbane’s battered unit market has begun the slow crawl back from a year of price falls, rising 2.2 per cent to $419,000 over the past three months, with low owner-occupier stock and bottomed-out interest rates fuelling the first quarterly price rise in 12 months.

Median house prices, south-east Queensland

HOUSES
Region	Sep-20	Jun-20	Sep-19	QoQ	YoY
Brisbane	$714,500	$705,000	$670,000	1.3%	6.6%
Ipswich	$430,000	$440,000	$418,000	-2.3%	2.9%
Lockyer Valley	$402,500	$390,000	$379,500	3.2%	6.1%
Logan	$485,000	$475,000	$448,500	2.1%	8.1%
Moreton Bay	$512,500	$507,500	$480,000	1.0%	6.8%
Redland	$565,000	$560,000	$545,000	0.9%	3.7%
Scenic Rim	$533,500	$505,000	$472,500	5.6%	12.9%
Somerset	$402,500	$397,000	$364,000	1.4%	10.6%
Gold Coast	$669,000	$665,000	$642,000	0.6%	4.2%
Sunshine Coast	$650,000	$640,000	$610,000	1.6%	6.6%

Source: Domain House price report, September quarter, 2020

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Place Kangaroo Point agent Simon Caulfield said within Brisbane, the city’s prestige market was nothing short of skyrocketing, with a lack of stock fuelling a price rise.

“If I had to predict the next six months, I think properties in that $1 million to $2 million price range will see even more price increases,” Mr Caulfield said.

This article is republished from domain.com under a Creative Commons license. Read the original article.

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