New research has shown that periods of national property price booms last around three times longer than the downturns that only eat away at a fraction of the gains.
But the question of whether this pattern will endure during the current period of price falls is less clear.
TUE 13 APR 21 Brisbane house prices have soared to record heights after a steady 12 months of growth and a rebound in listings and sales during recent months.
Brisbane's housing market has remained particularly unaltered by the closure of international borders, where historically high demand from overseas migrants has been disrupted.
Brisbane advanced a further 2.4 per cent during March, pushing it up 4.8 per cent for the recent quarter and 6.8 per cent for the year to date.
The current median value for dwellings is $548,260, which is $12,642 higher than just a month ago.
The median house price of $607,969 continues to attract interstate migrants from the larger markets of Sydney, where the median is now $1.1m, and Melbourne at $859,097.
The CBA is forecasting a surge in house prices over the next two years of up to 16 per cent, while unit price-growth will be more muted at 9 per cent.
According to the CBA, lending rates have lifted sharply, signalling a housing market on the “cusp of a boom”.
“The increase in new lending is now feeding into higher prices for bricks and mortar,” CBA economist Gareth Aird said.
“The negative impact that Covid-19 had on Australian property prices turned out to be much more muted than almost any forecaster expected, us included. “…rapid growth in new lending over the second half of 2020 was stronger than we anticipated.”