What happened to Brisbane apartment values over February?
The Brisbane unit market was the best performing across every capital of February, according to CoreLogic's Monthly Hedonic Home Value Index.
Values jumped 1.5%, following the 1.4% gains over January. Values are now 2.9% up over 2022 already, well on their way to matching the 14.4% growth over 2021,
The quarterly performance, up 4.5%, is the highest in the country for the unit market.
The median apartment value in Brisbane is now $468,393. At the start of 2021, it was just over $390,000.
Recent figures from PRD Research suggest price growth will continue. PRD calculate the the inner median unit price sits at $530,000. The middle is $467,000. The outer median sits at $397,000.
"The outer-ring provides affordability for first home buyers and is also the fastest growing," the report noted.
"Buyers must be quick to secure their property."
"There is a revival in the unit market after a period of price discounting in mid-2020."
Mosaic Property Founder and Managing Director Brook Monahan recently told Urban that he believes Brisbane apartment market has the most potential for growth in Queensland.
"There's just not enough high quality built form for owner occupiers wanting bigger units, and world class amenity, in the five kilometre ring around Brisbane," Monahan said, suggesting there's been a chronic undersupply for that type of buyer since around 2018.
"That issue is getting worse, not better, with the amount of people still moving to Brisbane," Monahan added.
