$74,800 rise: Brisbane hits $1m as Qld set to boom
Brisbane has officially joined the ranks of the world's million-dollar house markets, with home prices soaring by the largest dollar increase among all Australian capital cities.
The latest PropTrack Home Price Index, released Tuesday, has locked in the Queensland capital's median house price at $1.015m, as it flagged a fresh boom in prices out of regional Queensland.
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Brisbane homes (houses and units) spiked by the equivalent of an average salary, rising $74,800 in the past 12 months without owners lifting a finger – with the biggest driver coming out of units which jumped a massive 12.9 per cent, up $82,300 in just one year to $708,000, while houses rose by $68,300 (6.93pc) to notch its $1.015m level.
Brisbane's median price for all dwellings now sits at $908,000, marking an 8.26pc increase for the year to June, but experts are predicting the next big surge will come from regional Queensland, which is already outpacing Brisbane, seeing its home price rise 9.2pc in 12 months to $719,000 — a jump of $70,700 in one year.
Townsville leads the charge as not just the strongest Queensland SA4 region but the top performer in Australia, with an 18.7pc rise in its median home price to $546,000 over the past year.
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Mackay-Isaac-Whitsunday recorded a 14.98pc surge, bringing its median to $550,000, closely followed by Central Queensland's 14.72pc rise to $531,000. Areas west of Brisbane city also showed strong results: Toowoomba rose 13.01pc to $674,000, Ipswich increased 11.36pc to $754,000, and Darling Downs-Maranoa jumped 9.98pc to $457,000.
Across regional Queensland, Wide Bay notched a 9.69pc rise to $596,000, Cairns climbed 8.62pc to $571,000, Gold Coast rose 8.02pc to $1.066m, Queensland-Outback increased 6.74pc to $267,000, and Sunshine Coast was up 5.23pc to $1.076m.
REA Group senior economist Eleanor Creagh said Brisbane continued to see strong performance despite affordability constraints slowing the pace of growth.
'Prices are continuing to lift, and we're expecting that they will continue to do so,' she said. 'Affordability is a significant challenge even with interest rates falling.'
Ms Creagh said many existing homeowners were now using accumulated equity to upgrade or purchase investment properties, often less expensive options on Brisbane's outskirts or in regional Queensland.
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Real Estate Institute of Queensland head Antonia Mercorella said there was extraordinary strength in Queensland's property market.
'Brisbane is playing catch up,' she said. 'Quite frankly, we have often been overlooked, Sydney and Melbourne have been the cities to watch.'
Ms Mercorella expected to see a flight of investment capital to more affordable areas, especially across Queensland's regions.
'Regional Queensland, even though we have seen strong price growth as a general rule, is a more affordable option compared to the southeast corner in many cases.'
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But she warned new housing supply would ultimately determine how prices shape up. 'When we're talking about affordability and accessibility, all roads lead back to supply.'
'Anyone who's trying to get their foot on the ladder is all too familiar with this price growth,' she said. 'It's timely that the government's shared equity scheme beginning this month has a threshold of $1m reflecting market reality.'
Across the greater Brisbane region's SA4s, Brisbane-North was up 9.78pc to $1.019m, Moreton Bay-North rose 9.37pc to $825,000, Logan-Beaudesert increased 8.4pc to $784,000, Brisbane-East climbed 8.22pc to $1.027m, Moreton Bay-South jumped 7.7pc to $902,000, Brisbane Inner City rose 7.21pc to $940,000, Brisbane-South increased 6.42pc to $1.159m, and Brisbane-West climbed 6.02pc to $1.191m.
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