By Gerv Tacadena | 08 Nov 2021
Brisbane's housing market appears to be defying the apparent slowdown in price gains in Australia.
CoreLogic data shows a "re-acceleration" in the growth of dwelling prices in Brisbane.
In fact, residential property values in the Queensland capital rose by 2.5% in October, the highest level of growth across all capital cities in the month.
CoreLogic head of research Eliza Owen said Brisbane's recent gain was the highest monthly increase across the city through the current upswing and the strongest since November 2003.
"The Brisbane housing market has seen some extraordinary tailwinds through COVID-19, including strong interstate migration, normalised remote work and low exposure to the virus itself," she said.
Despite these gains, the median dwelling price in Brisbane remains significantly affordable at $640,000 compared to Sydney's $1.1m and Melbourne's $780,000.
Outlook for price gains
Ms Owen said while the rate of property gains is slowing each month, the reduced rates are still relatively high compared to the decade average of 0.4%.