Brisbane Overtakes Melbourne as Australia's Third Most Expensive City to Buy Property
- YM Family
- Mar 20, 2024
- 2 min read
Brisbane Surpasses Melbourne: Australia’s Third Most Expensive Property Market
Brisbane's property market surge positions it ahead of Melbourne for the first time in 15 years, with median dwelling prices at $787,217. Despite challenges, Brisbane's housing market stability and rising rental prices reflect its growing appeal amidst economic shifts and increased demand.
In a surprising turn, Brisbane has surged ahead to become Australia's third most expensive city for property purchases, surpassing Melbourne for the first time in 15 years. Boosted by a 50% increase since 2020, Brisbane now boasts a median dwelling price of $787,217, signaling a shift in the nation's real estate landscape.
The rise in property prices reflects Brisbane's robust housing market, driven by increased demand amidst a post-COVID economic recovery. Despite Melbourne's traditionally higher median prices, Brisbane's recent surge underscores its appeal as a growing economic hub.
Median Dwelling Price Tops Melbourne
Corelogic data highlights Brisbane's median dwelling price exceeding Melbourne's, with houses in Queensland's capital also proving more affordable at $875,991 compared to Melbourne's $948,041. The city's unit market similarly favors affordability, with a median price of $561,016, appealing to a diverse range of buyers and investors.
Eliza Owen from Corelogic notes Brisbane's advantage in the housing market tussle, attributing Melbourne's declining property values to oversupply in the unit market. Despite being a seller's market, Brisbane's property growth has stabilized in recent months, with expectations influenced by external factors such as flood impacts and ongoing economic shifts.
Challenges in the Rental Market
Furthermore, Brisbane's rental market paints a challenging picture for tenants, with record-breaking increases marking ten consecutive quarters of growth. The average rent now stands at $600 per week for houses and $560 for units, underscoring sustained pressure amid low vacancy rates.
Looking ahead, while Brisbane faces ongoing housing challenges, signs of rental rate stabilization offer cautious optimism amidst broader market fluctuations.
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