Brisbane Surpasses Melbourne as Australia’s Third Most Expensive Property Market - Property Inc

Brisbane Surpasses Melbourne as Australia’s Third Most Expensive Property Market

In a significant shift within Australia’s real estate landscape, Brisbane has overtaken Melbourne as the nation’s third-most-expensive property market. This development comes amid a broader trend of robust growth in Brisbane’s property values, contrasting with a more subdued performance in other major cities.

Tamike Seeto, reporting for a local news outlet, notes that Brisbane’s median property value has risen by a remarkable 50.2% since March 2020, reaching $787,000. This surge marks the first time in 15 years that Brisbane’s property prices have exceeded those in Melbourne, where the average currently stands at $780,457. Eliza Owen, CoreLogic’s head of research, attributes this to a higher proportion of units in Melbourne’s market and the appeal of Brisbane’s lifestyle factors during the pandemic. “The normalisation of remote work… made interstate migration to Queensland more feasible,” Owen explains, highlighting the impact of lifestyle choices and remote work trends on the market dynamics.

Tracey Prisk, in her analysis, emphasizes Brisbane’s continued dominance in the property market. According to the latest PropTrack Home Price Index report, Brisbane’s home prices saw a rise of 0.27% in December, reaching a new peak. “Brisbane has seen the second highest capital city growth behind Adelaide and is well above the capital city average growth of 31.8%,” said Anne Flaherty, PropTrack’s economist.

Despite a general slowdown in property price growth across Australia, Brisbane’s market has shown resilience. Factors such as population growth, limited property supply, and attractive regional markets have contributed to this trend. The Real Estate Institute of Queensland’s CEO Antonia Mercorella also noted the growing interest in regional housing markets in Queensland, buoyed by affordability and attractive growth rates.

While Brisbane’s market remains strong, challenges loom on the horizon. Eliza Owen warns of potential impacts from recent flooding and a slowing pace of growth. Yet, the city’s robust rental market, with house rents rising to $600 per week and unit rents hitting $560, suggests enduring demand.

In summary, Brisbane’s ascent in the property market rankings reflects a confluence of factors, from pandemic-induced lifestyle shifts to sustained population growth. As Australia navigates a changing economic landscape, Brisbane’s property market stands as a beacon of growth and resilience.


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