It was an outstanding year for Fig Tree Pocket as it led the list of Brisbane suburbs for house price growth, the latest Domain report reveals.
Leafy Fig Tree Pocket soared 30 percent year-on-year to $1,150,000 to emerge on top of the best performing suburbs in Brisbane. Whilst data from REA Group’s realestate.com.au, reveals Fig Tree Pocket also showing an impressive price growth with its median house price rising to $1,137,500 in 2019 from $950,0000 in 2018.
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.
House prices grew a respectable 1.3 percent over the last quarter and 0.4 percent overall growth in 2019. Whilst that may be considered modest, a few suburbs managed to perform much better, even recording double-digit median house price growth such as Windsor, Wilston, Yamanto, and Newmarket..
Top 10 Brisbane suburbs according to the Domain House Price Report, December 2019 quarter and based on year-on-year growth:
|Fig Tree Pocket||$1,150,000||30.2%|
Meanwhile, the units market continues to soften, dropping to 3.4 percent quarter-on-quarter in December 2019. In spite of lackluster performance, analysts are still optimistic that excess in units 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.