Brisbane was one of the nation’s fastest growing housing markets last year, with values soaring 13.1% in 2023 according to CoreLogic:
PropTrack’s dwelling values index also recorded strong growth for Brisbane, with values rising 10.5% in 2023:
Since the pandemic began in March 2020, Brisbane dwelling values have risen an extraordinary 50%, according to CoreLogic:
Source: CoreLogic
PropTrack has recorded even stronger growth, with Brisbane dwelling values soaring by 57% since March 2020, driven by a 62% surge in detached house prices:
The comparison with Sydney and Melbourne is stark, as illustrated below:
Brisbane’s 57% dwelling value growth since the start of the pandemic compares against 32% growth for Sydney and 16% growth for Melbourne.
The key factors driving the outperformance of Brisbane’s housing market over the pandemic are: 1) the city’s stronger population growth; and 2) Brisbane’s relative affordability.
Queensland has experienced the strongest population growth (305,108) since the onset of the pandemic, with the overwhelming majority of these arrivals landing in the South East:
According to Domain, Brisbane’s median house price is still only 54% that of Sydney’s:
Brisbane’s median house price is also only 82% as expensive as Melbourne’s; although the gap is closing fast:
This affordability advantage suggests that Brisbane dwelling values should continue to out-perform its larger east coast cousins in the years ahead.
Brisbane will also cement itself as a global city with the Olympics in 2032, which will spur infrastructure investment and raise demand from foreign buyers.
