Nobody in Brisbane imagined they we would see another flood event throughout the city but Brisbane residential property markets remained the fastest growing capital city market\u00a0in Australia in whirlwind of a month, writes Melinda Jennison,\u00a0Buyers Agent for Streamline Property Buyers.<\/em><\/p>\n There has been a lot of discussion around what impact, if any, the recent flood event will have<\/a> on the market as we look forward in the weeks and months ahead.<\/p>\n The driving force behind the continued strong growth in Brisbane is low supply and high demand.\u00a0<\/p>\n With supply already 30.2 per cent below\u00a0where it was 12 months ago, and more than 40 per cent below the previous five-year average, it is possible that in some areas supply might tighten further.\u00a0<\/p>\n Total listing volumes in Brisbane are trending lower than any other capital city market in the country. A decline in listings was experienced following the 2011 floods.<\/p>\n A tight supply market is not something that is uniform across all markets in Australia right now, with Brisbane, together with Adelaide<\/a>, the two capital cities with the lowest total supply. Sydney and Melbourne have returned to more normal supply levels.\u00a0 This differential highlights why\u00a0Brisbane has continued to see price growth in recent months as Sydney and Melbourne property price growth stalls<\/a>.<\/p>\n When there is low supply, there is less choice for buyers.\u00a0 It creates more urgency and there is a real fear of missing out.<\/p>\n Some buyers might be concerned about the most recent flood event, and the lasting impact of higher insurance premiums<\/a>. Other buyers might be feeling hesitant\u00a0due to a high degree of global uncertainty<\/a>.\u00a0<\/p>\n The impact of Covid-19 is receding now that international borders have reopened, and the country\u2019s vaccination rate is high, nor is there any sign of interstate migration easing. With international borders open, international migration\u00a0will bring more people who need somewhere to rent of buy.\u00a0<\/p>\n The Olympic Games in 2032 are delivering infrastructure\u00a0developments for one of the most affordable cities to live in within Australia.<\/p>\n There are still a lot of reasons to believe that the demand for Brisbane property, especially flood-free property, will remain strong through the months ahead.<\/p>\n Prices still rising<\/strong><\/p>\n The latest data by CoreLogic\u00a0for February 2022 confirmed the median dwelling value in Brisbane increased by 1.8 per cent over the month. This is lower than November, December and January\u00a0but still solid. The current median value for dwellings across Greater Brisbane is now $722,433 which is $15,893 higher than a month ago.<\/p>\n Annual growth for the last 12 months for Brisbane dwellings is now at a staggering 29.7 per cent.<\/p>\n Brisbane\u2019s middle segment of the market has now overtaken the top end of the market in terms of quarterly price growth. For the past several months, the price growth was being led by the top end.<\/p>\n The Brisbane housing market is still outperforming\u00a0all\u00a0state capitals.<\/p>\n Median values for the greater Brisbane region increased a further 1.9 per cent throughout February.<\/p>\n The rate of growth has slowed for the third consecutive month, down from the November 2021 high of 3.2 per cent, 3.1\u00a0per cent in\u00a0December, and 2.5 per cent in January.<\/p>\n Despite the\u00a0slowing momentum, this is another new record median value for Brisbane houses. The 12-month change in Brisbane house prices has been 32.8 per cent, which is the strongest 12-month house price growth across all capital cities as well as\u00a0regional areas.\u00a0<\/p>\n![\"AU](\"https:\/\/www.apimagazine.com.au\/media\/misc\/AU-Dwelling-CapCity.jpg\")
<\/p>\n![\"Brisbane](\"https:\/\/www.apimagazine.com.au\/media\/misc\/BrizCorelogicMonthly.jpg\")
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