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Brisbane home values increased 27 per cent in the 12 months to the end of March 2022, according to the PropTrack Home Price Index. Picture: Richard Walker.
THE first signs Brisbane’s housing market may be starting to cool have emerged, but prices have still risen a staggering 27 per cent in 12 months — outpacing every other housing market in the country.
PropTrack has released its first national home price index, measuring monthly changes in home values across the country based on sales results on realestate.com.au and valuer-general data.
The March Home Price Index, released today, reveals Brisbane home prices grew significantly faster than Sydney (17.8 per cent) and Melbourne (11.1 per cent) in the 12 months to the end of March 2022 — during the height of the pandemic-induced property boom.
PropTrack economist Paul Ryan.
Brisbane was also one of the strongest performers in March, recording home price growth of half a per cent to hit a median of $627,000, while regional Queensland did even better during the month (0.68 per cent).
But the half a per cent growth in Brisbane is actually the slowest monthly result since May 2020, showing some of the heat is starting to come out of the city’s housing market.
PropTrack economist and report author Paul Ryan said price growth in Melbourne and Sydney had started to slow a lot sooner and faster than in Brisbane.
This property at 19 Thompson St, Deception Bay, in the Moreton Bay region is for sale.
“Brisbane peaked late last year and has only just started to slow,” Mr Ryan said.
“Price growth, I would expect, is going to continue to slow, but it’s still got so much momentum over the next couple of months.
“I would expect Brisbane and southeast Queensland regions… to continue to outperform. The infrastructure benefits long-term, the population flows from the south — these areas are ticking all the boxes people are looking for in a post-pandemic climate. I don’t see those preferences changing in the short-term.”
The Sunshine Coast has been one of the strongest performing regions in Queensland in the past 12 months. Picture: Lachie Millard.
Mr Ryan said the slowing in price growth reflected the likelihood of interest rates increasing later in the year and fixed mortgage rates rising in recent months.
But every region in the state’s southeast has recorded outstanding growth — unlike other states, where certain regions have outperformed others.
Moreton Bay South was the highest performing region in Queensland, recording annual home price growth of more than 31 per cent to the end of March 2022 to hit a median price of $656,000 — up from just $514,000 12 months ago.
It was followed by the Sunshine Coast, Logan, Ipswich and Brisbane South.
This house at 111 Pine Mountain Road, Brassall, in the Ipswich region, is for sale. Picture: Jason McNamara.
Moreton Bay South includes the suburbs of Clontarf, Cedar Creek, Bunya, Everton Hills and Deception Bay.
“I think people have been looking for affordability so they’ve been searching the periphery of Brisbane,” Mr Ryan said.
“With the price growth we’ve seen, you can understand why people are looking at further flung areas. Also, being able to work from home makes those areas more appealing.”
Selling agent Clare Robins of Ray White Deception Bay said the suburb’s housing market had experienced outstanding growth in the past year.
“It has been an exciting ride to watch the growth of our town as I’ve been a real estate agent here since 2005,” Ms Robins said.
This property at 20 Seymour St, Deception Bay, has just sold for $695,000.
“Deception Bay is a fantastic place to live. When people talk about its past, it’s usually those who have never lived here who are making the judgements.
“If you have lived in Deception Bay, you know the people are down-to-earth, loyal and community driven.
“The lifestyle here is brilliant for young families, with many great state and private school options. It’s the most picturesque kayaking and fishing spot, and the best kept secret on the north side of Brisbane.”
TOP PERFORMING QLD MARKETS IN PAST 12 MONTHS
1. Moreton Bay – South
2. Sunshine Coast
3. Logan – Beaudesert
4. Ipswich
5. Brisbane – South
(Source: PropTrack Home Price Index March 2022)