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Brisbane property prices rise at fastest monthly rate since 2003 over October: CoreLogic

By Bridgeman Downs Office

Source: The Australian.

Brisbane property prices climbed at the fastest monthly rate in almost 20 years through October, outpacing growth in the rest of the country.

Prices in the river city rose 2.5 per cent last month, which marked the biggest increase since 2003, according to property researcher CoreLogic.

Brisbane is one of the few capital cities that is still accelerating a year into the current property boom having benefited from its unique lifestyle preposition and relative affordability to the southern states, resulting in increased interstate migration.

CoreLogic’s research executive Tim Lawless said the rate of growth was “phenomenal”.

“Reading below the headlines, you can see that the markets are starting to move at very, very different speeds,” Mr Lawless said.

“Looking somewhere like Brisbane or Adelaide, for example, in October they actually recorded cyclical highs in the rate of monthly growth.

“So, we’re definitely not seeing the same signs of slowing in either of those markets compared to somewhere like Sydney or Melbourne or even Perth where clearly the rate of growth is easing off.”

Over the past quarter, Brisbane prices increased 6.5 per cent to result in a 22.3 per cent annual gain. Median dwelling prices currently sit at $642,097, with houses ($731,392) pulling ahead of units ($437,086).

Prices in the combined Queensland regional market rose 1.9 per cent for the month.

The rises in the state’s urban and rural markets outpaced the national growth rate of 1.5 per cent.

But Mr Lawless warned November could mark a turn in the marketplace, with the month to mark several important inflection points.

“The market is becoming much more diverse and much more fragmented, depending on things like affordability, on migration, and on sentiment,” he said

“Listing numbers are really ramping up now, particularly in Sydney and Melbourne.

“We’ve got the tighter credit restrictions started to go live this month and more recently, we’ve started to see a lot more speculation about high inflation. We could see an earlier than expected interest rate rise as well which could start playing through on sentiments also.”

Elsewhere in the country, Hobart and Adelaide each gained 2 per cent, while previously the locked-down cities of Sydney (up 1.5 per cent), Melbourne (up 1 per cent) and Canberra (up 1.9 per cent) rose over October. Darwin prices increased 0.4 per cent. Perth recorded its first negative result (down 0.1 per cent) since June last year.

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