Domain Chief Economic Dr Andrew Wilson says the latest Domain State of the Market Report shows a familiar pattern for Brisbane.
A first quarter fall of 1.4 per cent is just a real estate red herring amidst a positive annual growth rate of 3.4 per cent.
“It’s not such a big surprise to be honest, Brisbane always starts the year in snooze mode and it builds strength through the year,” Dr Wilson said.
For long term growth “the positives outweigh the negatives” Dr Wilson said.
An upward trend in migration was helping demand with rents showing a slight rise in the first quarter of 2017 for both houses and units.
Brisbane’s high end market has already awoken. Brisbane’s best performing suburb, St Lucia, has recorded a whopping 31.3 per cent annual growth rate. Three other suburbs in Brissie’s list of top growth performers also have median house prices above $1 million.
Check out Domain’s list of Brisbane’s top #10 suburbs for annual growth:
|Suburb||6 Month Median||Annual growth|
|1. St Lucia||$1,267,000||31.3%|
|5. Sinnamon Park||$710,000||20.3%|
|6. Burpengary East||$545,500||19.2%|
|9. Camp Hill||$902,500||17.2%|
|10. Kelvin Grove||$836,500||16.8%|