Brissy house prices surge

The local property market is heating up, according to new data from the Australian Bureau of Statistics (ABS).

Brisbane house prices jumped 1.2 per cent in the most recent September quarter and have surged 4.1 per cent since September last year.

ABS spokesperson Robin Ashburn told Fairfax Media it was the longest stretch of quarterly gains since 2010.

"This is the first time since 2010 that the capital city average has shown four consecutive quarters of growth year-on-year," Ashburn said.

JPMorgan economist Tom Kennedy also noted the contribution of the Reserve Bank in the results.

"A big part of the Reserve Bank story is that they've been trying to revive the construction sector so I think the big uptick we've seen in prices definitely is supportive of that, as higher prices encourage activity and investment," he said.

The recovery over the last 12 months has been largely due to high demand from investors over first home buyers.

Posted in: Property market

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