'Better Than A Boom'

The “supersonic” property boom continues to soar with latest data showing a yearly growth rate of nearly 20 per cent — the biggest annual hike since the 1980s.

CoreLogic figures show housing prices have risen almost 11 times faster than wages growth over the past year and are set to soar even further.

SPACE Property’s Gabrielle Trickey describes the market as “nuts”.

“We have had properties that have sold for nearly half a million dollars more than we thought were going to — it is just extraordinary,” she said.

A house in Cadiz Street, Indooroopilly, went for nearly $300,000 over the reserve at $2,260,000 on the day Brisbane went into its last lockdown on July 31.

“And we thought our expectations were pretty high — some auctions are getting 120 bids,” Ms Trickey said.

“Town houses equally have spiked — it is a lovely way of having a home that is quite large without the price tag of a house.

“Recently we opened up a property in Terrace Street, Toowong — three bedrooms. It is quite large.

“We had 25 groups through on the weekend [and] we ran out of brochures.

“I don’t know truthfully how much longer this has to run, but it is much faster and more volatile than the boom in 2008.”

People looking at 26 Cadiz Street, Indooroopilly, which sold at auction in August, 2021.(Supplied: Space Property)