Monthly Market Report Brisbane:
Brisbane, the capital city of Australia’s Sunshine State, has largely remained untouched by the turbulent property markets of Sydney and Melbourne.
While Sydney and Melbourne went through a highly publicised boom, Brisbane remained calm, seeing steady growth over the past few years. And as the Sydney and Melbourne markets continue to see house prices fall, Brisbane remains relatively unaffected by the other capital cities.
The most recent CoreLogic data shows houses in Brisbane City saw a median growth of 31.7 per cent in the 12 months to January 2019, the highest experienced by any suburb in the wider Brisbane area. House prices in the suburb now sit at $774,000, however these houses are particularly hard to find in the heart of the city, with just 10 having sold in the past 12 months and very few coming on the market.
The Brisbane City property market is best known for its large number of apartments, favoured by interstate investors. CoreLogic shows 421 units sold in suburb over the 12 months to January. They have seen a growth of just 0.1 per cent in that period and have a median price of $492,500.
The second highest median price change was Burbank, which saw house prices grow 26.5 per cent in the 12 months to January, jumping to $1.24 million. Properties in Burbank tend to be large acreages with spacious family homes on the lots, offering a semi-rural lifestyle just a 30-minute drive from the Brisbane CBD.
For units, Wilston saw the highest growth, at 20.5 per cent ($512,500), followed by Newmarket at 19.5 per cent ($475,000).
The suburbs that felt the pinch were Pallara, Fig Tree Pocket and Teneriffe, where houses fell by 27.9 per cent, 26.9 per cent and 21.5 per cent respectively. Teneriffe houses now have a median price of $1,775,000, while in Fig Tree Pocket the median is $891,750 and in Pallara houses have a median of $649,000.
Pallara is home to a mix of brand new and older houses, with a large number of house and land packages on offer. An outer suburb of Brisbane, it is about 30 minutes from the CBD. Just 30 houses have sold in the suburb in the 12 months to January.
With three offices across the country, including one in Brisbane, Cohen Handler’s buyer’s agents have experience helping local and interstate buyers navigate the Brisbane market. Most recently, our buyer’s agents were able to help a family who had been house hunting for more than nine months find their ideal home in Hendra. They had been looking to move closer to the CBD and were able to purchase a two-storey home on 444sqm of land.
Hendra currently has a median house price of $1,108,000 and houses in the suburb have experienced a growth of 14.1 per cent in the 12 months to January, with 99 houses selling over that time period.
For more insights from our Brisbane team please call us on: 1300 420 160 or email: [email protected]