Housing prices across the country are dropping but homes in south east Queensland are defying that trend. Experts say demand, construction costs and interstate migration are behind the rises which aren't expected to let up anytime soon.
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00:00Vikram Singh's looking to buy a family home in Brisbane.
00:06The market price is increasing. I hope it will be stable next year.
00:12He's spending his weekends at open homes. Many prospective homebuyers are in the same
00:17position.
00:18The rate is very high for people with limited budget, so it's a bit challenging.
00:26Recent data from CoreLogic shows house prices dropped 0.01% on average nationally in the
00:33last quarter. But in Brisbane, they were up 1.3%.
00:38The average house costing $890,000, the second highest average behind Sydney.
00:46While demand is slowing slightly, prices are still increasing.
00:50South East Queensland is quite unique in that it is still attracting a lot of people, so
00:56it is still getting international migration, but interstate migration in particular is
01:00playing a key role.
01:02Constraints on the construction industry, including the cost of materials, continue
01:06to impact on house prices. Some in the real estate sector say new homes just aren't being
01:12built quick enough.
01:13Fundamentally for Queensland, there is an undersupply of housing that's going to lead
01:19to prices remaining elevated.
01:22The Real Estate Institute of Queensland says the apartment and unit market is expected
01:27to rise at a faster pace than homes.
01:30It does tend to be the more affordable option and it does represent an opportunity to get
01:36that first step onto the property ladder for many.