The Brisbane housing market has recorded its strongest start to a year since 2003 with the median house price soaring by 5.6% since February.
Booming house prices have been fuelled by record low-interest rates, a reviving post-covid economy, and waves of southern state migrants seeking safety, lifestyle, climate, and more - affordable living.
Brisbane City has been the leading regional performer this year so far with prices increasing by a remarkable 12.7% followed by Redland up 7.5%, Moreton Bay up 4.1%, Ipswich up 3.9%, and Logan up 2.4%.
|Region||60-day Median House Price May 15th||60-day Change|
|Moreton Bay City||$510,000||4.1%|
Rapidly rising Brisbane house prices reflect the record auction clearance rates reported this year so far and driven by unprecedented buyer competition for available property.
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Houses in the most popular Brisbane suburbs are selling quickly with average days on market under 2 weeks.
Wynnum is the top performer with houses selling on average over the past month in just 10 days followed by Cleveland 12.7 days, North Ipswich 13.7 days, and Clayfield 14.7 days.
|Suburb||Average Days to Sell (min. 10 sales)||Median House Price||Region (City)|
|Mount Gravatt East||16.8||$732,000||Brisbane|
Although the recent near-record surge in Brisbane house prices is likely to ease over coming months as increased affordability constraints restrict buyer activity, underlying demand will remain strong, particularly from interstate migrants seeking the prospect of refuge, lifestyle, and prosperity in the Sunshine state.