Brisbane’s real estate market is set to hit a new high, with prices soaring by around 7 per cent over the past three months.
The new home buying season is underway, with many buyers looking for more affordable options, such as an older home or a second home.
The hottest property prices have come from the Brisbane CBD and inner west, with Sydney and Melbourne in second and third place, respectively.
“It’s a lot of different areas, and some of them are just getting into the market and a lot are already overpriced,” said Brisbane property agent Peter Williams.
He said he had seen the value of a typical property go up by more than 30 per cent in just a few weeks.
“It just shows the affordability of this market, and the demand for what’s happening, so it’s really exciting,” he said.
The city’s hottest market, with an average price of $1.8 million, is on the south coast, while the city’s outer west, on the north shore, is the next most expensive at $1 million.
Brisbane has been hit by record levels of new house sales in the past few years, with the number of listings climbing from just under 30,000 in 2016 to nearly 30,700 last year.
It’s been a boom for developers, with more than 700 projects approved in the first nine months of this year alone.
But with the demand of new houses, prices have fallen, with a median price of just $750,000 for a home in the CBD, according to Domain Group.
That’s the cheapest price in the entire region.
In the CBD alone, prices for new homes have fallen by more then 20 per cent, and in inner-city suburbs, the average price has dropped by about 20 per-cent.
Property agent PeterWilliams said the city was the most expensive market in the country for new homebuyers, with buyers spending around $900,000 on a new home, with those from outer suburbs looking at around $1,000,000.
The hottest market in Brisbane is in the city of Brisbane.
The median price for a new Brisbane home is $1m.
Photo: Jason Southard “We have a lot more people in Brisbane than the inner city, and so we’re seeing more people from inner-ring suburbs and outer-ring suburban areas,” he added.
Many properties in Brisbane have been sold for $1-million or more, with another $1 billion of property under contract.
Brisco-based property manager Matthew White, who is based in the inner-west, said the Brisbane market was “oversold” and “pretty expensive”.
“I think a lot people are really looking for a bit of extra cash in Brisbane,” he told news.com.””
The price has gone up and it’s a little bit of a bubble and it could fall a little, but it’s still a good value.
“Matthew White, a Brisbane property manager.
It’s easy to see why buyers are looking at the CBD.
The area is the most affordable in Brisbane and has seen the biggest rise in home prices, rising by 30 per- cent since the beginning of the year.
Barely 10 per cent of the area has been sold, with some properties in the area having sold for more than $1million.”
The market is really oversold and not as healthy as people want it to be,” he explained.
New home sales in Brisbane hit record highs.
The price of a Brisbane home in 2016 was $1M.
Despite the new home market’s booming, many are also opting to sell their homes, which could cause some buyer to wait a while longer before they can make a profit.”
There’s not as much supply in the market,” said Mr Williams.”
A lot of people who have been buying for quite some time are not seeing a profit, they’re just looking at it as a gamble.
“For some, that gamble could pay off big time.
Mr Williams said the number one selling city, Sydney, was now selling for about $2 million.
In the inner west of Brisbane, it’s Brisbane’s outer-west market that is the hottest, with houses priced in excess of $3 million.
It comes after an average of $2.3 million was sold in the region in the last 12 months, according the Domain Group, a property market research company.”
Brisons population has gone from 30 per million to almost 70 per million people, and people are just looking for an escape from that,” Mr Williams said.
What is homebuying?
Homebuying involves a purchase of a home and putting it into the hands of someone who will live in it for the foreseeable future.
There are a range of reasons buyers buy homes, from saving money on rent, to saving on a down payment.