Peter Fegan raised the question on 4BC Breakfast of why housing prices are so high in the suburbs after a three-bedroom house in Upper Mount Gravatt sold at auction for $1.4 million.

“If the prices keep going up families will simply not be able to live, it’s scary,” he said,

REIQ CEO and Real Estate expert Antonia Mercorella told Peter Fegan on 4BC Breakfast, “The reason that we’re seeing these prices is because we’ve just done such a poor job of maintaining the supply we need to meet the demand.”

“There is immense pressure on the established housing market.”

“We’re not building enough new homes, so when a property comes onto the market, the level of interest, the level of demand is extraordinary,” she said.

Hear more highlights from Peter Fegan below:

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