October marked the 10th consecutive month of price growth for the Brisbane property market.
The PropTrack Home Price Index shows median property values in Brisbane are now $773,000, that’s more than 50 per cent above what they were since March 2020.
“Home prices in Brisbane are rising at a fast pace after regaining all of 2022’s price falls,” the PropTrack report says.
“They jumped 0.52% in October to hit a new price peak. Prices are now 7.36% above their level a year ago and up 7.73% year-to-date.”
Strong fundamentals are seeing property commentators tip continued long term growth.
“Federal government forecasts in January 2023 suggest that Queensland’s population is expected to grow by more than 16 per cent by the time Brisbane hosts the Olympic Games in 2032” writes Michael Yardney for Property Update.
“And the population spread in Australia’s most decentralised state is tipped to sway towards the city, with most Queenslanders expected to live in Greater Brisbane by the time the Olympic flame is lit at the Gabba.”
For long term value hunters, now could be a great time to invest or buy, he says.
“…if your income is secure and the time is right for you, this may be an ideal time to get a foothold in the Brisbane property market while others are sitting on the sidelines.”
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