Whilst Sydney and Melbourne have been experiencing declines in median house prices and falling auction clearance rates throughout 2018, the housing market in Brisbane continues to remain strong.
Detached housing approvals in greater Brisbane have continued to rise throughout the year over the period January to September 2018 which has risen by 8.76 per cent compared to the same period in 2017 (Source: ABS, 8731.0 Building Approvals, Australia).
Steady population growth, with the highest levels of interstate migration nationally, continues to be a key driver for the housing market. The large house price differential between New South Wales and Victoria remains a key factor in this movement into Queensland. Furthermore, higher levels of commodity exports, and a growing list of infrastructure projects continues to accelerate job growth. Whilst there has been a shadow lingering over the Australian housing market in recent years, Queensland is exhibiting favourable economic conditions which will continue to drive demand for housing.
The graph below shows the most up to date release of population data for interstate migration in 2018.