Brisbane is now Australia’s second most expensive city

Brisbane property prices have surged in recent years, and now the city has officially been named the second most expensive in the country.

According to Core Logic, Brisbane prices jumped 1.4 per cent during the month, taking the median property price to $843,231.

It is the first time since 1997 that Brisbane has recorded the second-highest median dwelling value.

Canberra is now the third-most expensive capital city, followed by Melbourne, Adelaide and Perth.

Property prices in Brisbane first overtook Melbourne in January, which CoreLogic said was because of Melbourne having a higher concentration of relatively cheap units and apartments.

Four months later, house values in Brisbane are now higher than the median house value in Melbourne as well.

It’s the first time since June 2008 that Brisbane’s house prices have been more expensive than those in Melbourne.

CoreLogic data shows that Brisbane’s median house price is currently sitting at $937,479 — which is $190 more than Melbourne.

Brisbane’s median unit price of $615,429 is also higher than Melbourne’s by $1,130.

The recent surge across Brisbane, means property prices have increased more than five times the pace of those in Melbourne since the start of COVID

CoreLogic shows that Brisbane’s property values have grown 59.8 per cent compared to just 11.2 per cent in Melbourne.

Prior to the pandemic, Melbourne’s was 37 per cent above Brisbane.

According to SQM, new listings in Brisbane were 14 per cent lower in April compared to March 2024. 

While total listings also declined, down 8.1 per cent in April compared to March.

Sales volumes in Brisbane have risen by 4.4 per cent over the past year, indicating increased buyer activity, while the median days on the market decreased to 22 days.

According to CoreLogic, one of the key reasons for the huge surge in prices has been incredibly tight levels of supply, which has been a feature for the past few years.

Buyers simply have fewer options to choose from and that is helping to drive up prices.

At the same time, Queensland is experiencing arguably the biggest increase in population from both overseas and interstate. The influx of people began during the lockdown era and has now carried on with more people moving to the Sunshine State each month.

This all suggests that there is potentially more upside ahead for the Brisbane market.

Supply is not likely to catch up to demand any time soon. And while there are still a number of affordable areas to buy in, demand is likely to keep upward pressure on prices.

With affordability also extremely stretched in the likes of Sydney and Melbourne, it’s also going to mean that people will keep moving north in search of more reasonably priced options for housing.

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