March 2022 Quarter

March 2022 Quarter

• Posted By David Brown

Domain has released their quarterly report on how each capital city has performed over the past few month. The March report showed that many markets across Australia have begun to slow. The Sydney market only increased 0.2% over the last quarter. bringing the yearly price increase to 21%. The Melbourne, Canberra, and Darwin markets saw a decrease of 0.7%, 0.9%, and 1.8% respectively. Although Perth's market increased by 1.5% over the March quarter, the yearly increase is only at 5%. Making it the slowest increase compared to all markets across Australia. Brisbane is still performing exceptionally well compared to the other markets across Australia. In the last year the Brisbane market saw an increase of $202K, averaging to a daily increase of $553.

Brisbane

As other markets in Australia have begun to slow, Brisbane’s property market has still continued upward. Over the past 12 months Brisbane has seen a price growth of 32.1% the biggest growth rate in 18 years. In the past quarter alone house and unit prices have both increased by 3.1%. This pushes Brisbane’s median house price up to a new record of $831K. This is the fourth consecutive quarter that house and unit prices have risen. Majority of the property boom has been focused towards house prices, increasing three times faster than unit prices. Homeowners are trying to take advantage of the booming market with the highest volume of new listings from the beginning of 2022, that hasn’t been seen since 2019. Although there is slight increase in supply that we haven’t seen over the past couple of years, the demand for homes is still heavily outweighing the supply. This can be attributed to the recent population growth seen in South Queensland. Queensland record the highest annual population growth across all states, which is driven by the recent interstate migration. The inquiry rate also seen an increase compared to the same time last year, seeing a 37% increase, with 24% coming from interstate buyers. As restrictions continue to ease and the opening of international borders, Queensland has not seen the last of the population increase, as many can see the lifestyle, affordability, and expanding job market that Queensland has to offer. The upcoming Olympic games will also bring new infrastructure, population increases, and economical growth that will continue of the next decade.

Sunshine Coast

Sunshine Coast has seen 12 consecutive quarters of price increases, resulting in median house prices surpassing $1 million for the first time on record. Unit prices also reached a new record high of $680K. It seems that the past quarter unit prices have begun to slow slightly, but they did still increase by 5% in the first quarter of 2022. At the end of 2021, annual price growth rate hit a peak, which was the strongest upswing since 2004.

Gold Coast

Gold Coast saw both house and unit prices hit new record highs in the first three months of 2022. For 8 consecutive quarters house prices have risen, and for the past 7 quarters, which is the strongest upswing the market has seen since 2004. Gold Coast has finally hit the peak of the market at the end of 2021, as the pace of the quarterly growth has halved since the December quarter. Although the pace of the quarterly growth of units has halved compared to the December quarter, units prices are now increasing faster than house prices, which hasn’t been since the December quarter of 2020. It is clear that the annual growth is still rising.