Morningside has made the list of top ten Brisbane suburbs in terms of year-on-year house price growth, the latest Domain report said.
The Domain House Price Report, December 2019 quarter report showed mixed results for the Greater Brisbane market. Houses showed steady price growth over the last seven years whilst the units market continued to slump, dropping annually over the past two-and-a-half years.
Whilst house prices grew a respectable 1.3 percent over the last quarter and 0.4 percent overall growth in 2019, a few suburbs managed to perform better, recording double-digit growth. Leading the pack is Fig Tree Pocket which soared 30 percent year-on-year to $1,150,000.
Morningside also managed to register an 8.2 percent year-on-year price growth to $763,000, the Doman report said. Whilst REA Group’s realestate.com.au also reported a median house price growth in Morningside, rising to $800,000 in 2019 from $735,000 in 2018.
Other suburbs that registered double-digit median house price growth are Windsor, Yamanto, and Newmarket. Rounding out the top ten are Balmoral Woodridge Coorparoo Morningside Bridgeman Downs.
Top 10 Brisbane suburbs for median house price growth:
|Fig Tree Pocket||$1,150,000||30.2%|
Note: According to the Domain House Price Report, December 2019 quarter and based on year-on-year growth.
The units market continues to soften, dropping to 3.4 percent quarter-on-quarter in December 2019. Analysts are still optimistic that excess in supply will ultimately be absorbed as the number of new constructions continue to fall.
House prices in Brisbane appear to be taking its cue from other markets, particularly Sydney and Melbourne, which are showing stronger price growth and will likely to continue to perform well in 2020.