An average Brisbane house will now set you back more than $1 million across 42 suburbs after a year of record growth saw property prices skyrocket more than $400,000 in some pockets.
The city’s best performers – Norman Park, Indooroopilly and Camp Hill – saw jaw-dropping hikes in the median house price of up to 36 per cent in 12 months, the latest Domain House Price Report revealed, which in turn sent medians beyond seven figures in an historic change for the once sleepy Queensland capital.
A total of 13 suburbs are now in the million-dollar-plus club for the 12 months to September, that weren’t in the club a year ago, with East Brisbane, Graceville and Carindale among them, with experts tipping more will join in the coming months off the back of soaring interstate migration.
An impressive 26.1 per cent rise in the blue-chip suburb of New Farm sent house prices hurtling to a record-smashing $2.075 million, the report revealed, which is the first time a Brisbane suburb has achieved a median above $2 million.
Norman Park – which topped the list for house price growth – saw the median climb 36.3 per cent to $1.24 million, with Indooroopilly collecting a 35.9 per cent lift to send the median house price to $1.277 million. The fast-booming suburb of Camp Hill secured third place with a rise of 34 per cent, which sent the median house price to $1.2 million.
For Camp Hill, it’s a gargantuan hike that stunned even the biggest supporters of the eastern Brisbane pocket, said Place Estate Agents Bulimba partner Shane Hicks, with a blend of home improvements, competition from Sydney and Melbourne buyers and an A-plus location adding fuel to the suburb’s price-rise fire.
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