December 2023 Quarter - Brisbane
- Posted By Chris Nicholson
Brisbane's property market has demonstrated remarkable resilience and growth, with both house and unit prices continuing to rise steadily. This sustained performance highlights the city's robust real estate sector and its ability to recover and thrive despite economic fluctuations.
Brisbane house prices have seen their fourth consecutive quarter of growth, continuing to gather momentum. This impressive trend has lifted annual gains to their steepest since September 2022, resulting in house prices reaching a new record high. The market has fully recovered, recouping the entire $47,000 value lost during the 2022 downturn. House prices now sit approximately $31,000 (or 3.6%) above the previous peak reached in June 2022. The 2022 downturn, which spanned two quarters, has been effectively reversed, with the market taking twice as long to recover all lost value and more.
Similarly, Brisbane unit prices continue to break records, achieving another price peak. Annual gains are the steepest among all capital cities, with a double-digit increase of 14.2%, marking the city's fastest growth in nearly 16 years. For the seventh consecutive quarter, Brisbane units have outperformed houses, closing the price gap between the two. Houses are now 69% more expensive than units, marking a 2.5-year low in this disparity.
Brisbane's property market is thriving, with both house and unit prices reaching new heights and demonstrating strong recovery and growth. The city's ability to bounce back from downturns and achieve record-breaking gains highlights its robust real estate sector and promising future.