What Is happening In The Current Brisbane Housing Market?
Brisbane is experiencing the fastest sales growth right now.
Over the past 12 months, Brisbane property values have increased by 29.5%. This is equivalent to a median house value increase of $533 per day for the past year. With a total rise of nearly $202,000, the median home value in Brisbane is now $831,346. The median home value in Brisbane has grown at the fastest rate in 18 years.
Additionally, the average price of a unit has reached a record high at $437,034. That is the highest growth we've seen in 14 years, and represents a 9.3% annual increase.
Compared with last year, the number of owner-occupied first home buyer home loans has decreased; however, investments have increased, as investors see potential growth and favourable rental returns.
As a result of the recent floods, the market saw a brief "pause" at the beginning of March. In the first two weeks of March, auction clearance rates dropped to 42% and 53%. But by the final weekend of March, they were back up to 64%.
However, housing demand remains significantly higher than housing supply despite recent floods and interest rate increases.
With 65% clearance rates, the auction clearance rates for the March quarter were no more than 2% short of their record high from December quarter 2021.
Whether you’re looking at buying your next home or looking at that next investment property, contact Coco Beyond today and find out how we can help set you up for the ever-changing future.
