Property price growth may be starting to slow in some capital cities, but it is continuing to accelerate in Brisbane, which is now the fastest-growing capital city market in Australia. Brisbane, which leads the nation in terms of dwelling price growth, experienced fewer lockdowns affecting its property market and is continuing to experience a good level of interstate migration, which has helped fuel demand for housing. While property listings were tight in many markets at the start of the pandemic, those pressures have eased in some capital cities with Sydney listings now back to long-term averages and Melbourne listings now 8% above the long-term average. The Federal Government’s HomeBuilder scheme boosted new construction, with the number of new builds in housing estates at extremely high levels. Property analysts including SQM Research and the major banks are predicting Brisbane’s market will continue to growth in 2022 and 2023
Record Sales On Gold Coast
New apartment sales have hit an all-time high on the Gold Coast as new analysis shows stock is becoming even tighter. Property consultancy firm Urbis warns that, with few new projects being released on the Gold Coast, there is now only two months’ worth of stock available based on current demand. In the September Quarter there were 690 new apartment sales on the Gold Coast, bringing the total sales for the first three quarters of the year to 1,882. Urbis says projects on the Gold Coast have been clearing 42% to 56% of available inventory during each quarter of 2021. Owner occupiers accounted for 61% of sales in the September Quarter. Ray White Surfers Paradise managing director Andrew Bell says the Gold Coast market is now at the same level as other apartment markets in Australia. “With a higher degree of owner-occupiers now in apartments, we are now on level pegging with other markets in Australia,” Bell says
Quote of the Week
“It is interesting to see Australia take out the fifth position globally for the growth in house prices in Q3 of 2021 – the last time we were in a top five position was at the end of 2015, prior to tightened lending restrictions being implemented.”
Knight Frank Australia Partner and Head of Residential, Shayne Harris
Aussie Prices 5th In Global Rankings
Australian house prices continue to soar with new research revealing it is one of the top five countries in the world for house price growth in the past 12 months. The Knight Frank Global House Price Index reveals Australian prices grew 19% in the past year, after eight consecutive quarters of price increases. The report, which tracks house prices across 56 countries and territories, shows Australia is now fifth on price growth, behind Turkey (35%), South Korea (26%), New Zealand (20%) and Sweden (20%). Knight Frank Australia Partner, Shayne Harris, says the impact of the pandemic on house prices in Australia is clear. He says the average annual growth from 2015 to 2020 was 4.4% which increased to 9.8% from the start of the pandemic. “The last time Australia was in a top five position was at the end of 2015, prior to tightened lending restrictions being implemented,” he says
