, released today, reveal house prices in the Sunshine State capital jumped 10.7 per cent over the three months to December – the steepest hike clocked across the city in almost 18 years.It was also the second largest price leap across the country for the quarter, with only Canberra surpassing Brisbane with an 11.3 per cent house price rise that lead to a record-breaking median of $1,178,364.
Such a scenario sparked thousands of Sydney and Melbourne migrants to call the sun-drenched city home over 2021, with Domain’s head of research and economics, Dr Nicola Powell, revealing 26 per cent of property inquiries in Brisbane over the last quarter came from southern home hunters. “A lot of investment cash is also being injected into south east Queensland … and Brisbane is going to be the stand-out performer this year.”
“Over December, Brisbane had one of the highest growth rates of all the capitals, and it comes back to where the prices started from,” Dr Mardiasmo said.“We were undervalued, and Brisbane has been growing into this metropolitan city that’s almost rivalling Sydney and Melbourne, and that means there’s a lot more money in Brisbane now. So we’re becoming a world-class city but our median prices are half that of Sydney.
“The last quarter of each calendar year is typically the strongest for Brisbane in terms of buyer engagements, but I think a lot of it [last quarter’s growth] has to do with migration. They have been losing people in Sydney and Melbourne and Brisbane has been the beneficiary,” Mr Jordan said.Albert Perez/Getty Images
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