Brisbane home prices have risen for a fifth straight month and are now on track to surpass their boom-time peak in just three months, according to new figures.
The May PropTrack Home Price Index released Thursday reveals the market rebound in the Queensland capital is continuing to gather pace, with prices rising another 0.33 per cent in May to be up nearly 2 per cent so far this year.
Brisbane home prices are now just 1.5 per cent off the peak they reached in April 2022, at the height of the property boom.
PropTrack senior economist Eleanor Creagh said if Brisbane home prices continued to grow at a monthly pace of 0.47 per cent — the average pace of growth seen over the past three months — they would eclipse that peak by the end of September.
Compared to pre-pandemic levels in March 2020, prices are still a whopping 45 per cent higher, maintaining Brisbane’s spot as the second strongest performing capital city.
Every market in Brisbane rose in the past quarter, with prices in the inner-city region gaining nearly 3 per cent and Brisbane south up 2.2 per cent.
Ms Creagh said strong demand and low housing supply was offsetting the deterioration in affordability from rising interest rates in Queensland.
She said the Reserve Bank’s decision to increase the cash rate in May did not impact the rebound in home prices in the state.
“Supply constraints have eased slightly with respect to total stock for sale, but the flow of new listings remains soft,” Ms Creagh said.
