Brisbane home prices hit fresh peak in October

Brisbane home prices have shot up more than $100,000 in the past year.

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Brisbane homebuyers are forking out $100,000 more than a year ago for a typical home, with new data revealing the river city saw some of the country’s highest price growth in October.

The October PropTrack Home Price Index showed the Brisbane median home price – units and houses combined – rose 0.9 per cent last month to a new peak of $976,000.

This was the second largest climbs of all markets in October behind Adelaide (1.2%).

Brisbane home prices were also up 12.6 per cent, or $112,700, annually – the largest dollar value rise of all markets.

House prices were up 0.9 per cent in October, to a median of $1.126m, lifting the annual increase to 11.1 per cent, or $117,400.

In the unit market, buyers are paying 0.9 per cent more month-on-month and 16.8 per cent, or $109,700, year-on-year, as the median unit price hits $770,000.

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Ray White’s Haesley Cush. Picture: Supplied.

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Ray White Collective principal, Haesley Cush said the Brisbane property market was likely even stronger than October data suggested, with price increases caused by limited stock, high cost of construction and the Federal Government’s Home Guarantee Scheme, yet to filter through.

“The market is certainly strong,” Mr Cush said.

“We’re seeing buyers willing to stretch their budgets to secure property.

“And we’re seeing (the Home Guarantee Scheme) open up wallets and purses.

“It is helping buyers get into the market but it won’t fix the market – that will happen through addressing construction costs and supply issues.”

Mr Cush predicted the Brisbane property market would see prices at least hold, if not increase in coming months.

“We have seen clearance rates improve this second quarter against the first quarter,” he said.

“We had 36 auctions last weekend and 30 sell at all price ranges.

“Any thought of the market slowing before Christmas is highly unlikely.”

The home at 47 Elwell Street, Morningside is going under the hammer on November 8. Picture: realestate.com.au

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In regional Queensland, median home prices peaked at $764,000, up 0.6 per cent month-on-month and 11.2 per cent, or $84,200, year-on-year in October.

Regional Queensland house prices rose 0.6 per cent last month and 10.9 per cent in the pat year to $774,000, while unit prices increased 0.7 per cent month-on-month and 11.7 per cent, or $80,500, year-on-year to $744,000.

The PropTrack report showed national home prices were up 0.6 per cent in October to a new median of $858,000.

REA Group senior economist and report author Eleanor Creagh said this extended the upswing to a 10th straight month and lifted values 7.5 per cent higher than a year ago, the strongest annual pace since May 2024.

“Increased borrowing capacities, lower mortgage rates and improving sentiment are fuelling renewed competition, but the pattern of growth is shifting,” she said.

“Over the past year, Darwin, Hobart, Melbourne and Sydney have seen the fastest acceleration in annual gains with these previously softer markets regaining momentum.

“In contrast, the pace of annual growth is easing from earlier highs in Brisbane, Adelaide and

Perth, though prices are still at record levels and continue to rise briskly.

“All regional markets have slowed, except regional Victoria, narrowing regional market outperformance.”

PropTrack senior economist Eleanor Creagh. Picture: Supplied

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Ms Creagh said nationally, annual growth had lifted above the 30-year average, yet stretched affordability is a handbrake on growth, which remains well below the 20-30 per cent pace of past booms.

“Looking ahead, this year’s series of rate cuts, population inflows and the expanded Home Guarantee Scheme will continue to bolster demand,” she said.

“With stock on market constrained and new supply challenged, conditions remain tilted toward sellers.

“The market appears set for further price gains throughout spring and into summer.”

Elsewhere in Queensland, Townsville had the top performing market with home prices up 15.94 per cent in the past year to a median of $586,000.

This was followed by Mackay, where the median dwelling price shot up 15.5 per cent year-on-year in October to $587,000, and Darling Downs – Maranoa, where home prices increased 14.75 per cent to a median of $494,000.

On the Gold Coast, home prices were up 10.06 per cent in the past year to $1.107m, while in Cairns the median home price rose 11.12 per cent to $613,000.

OCTOBER PROPTRACK HOME PRICE INDEX

(SOURCE: PropTrack)