PropTrack’s home value results for April show that Brisbane’s median dwelling value of $818,000 has surged ahead of Melbourne’s median of $805,000:
Source: PropTrack
As shown in the table above, Brisbane median dwelling values have surged by 64.7% since the pandemic’s beginning in March 2020, versus value growth of only 17.0% across Melbourne.
Part of the reason for Brisbane’s higher median dwelling value is its higher share of detached houses than Melbourne, which are valued higher than units.
However, Brisbane’s median house price of $911,000 is only $1,000 below Melbourne’s median house price of $912,000.
Given that Brisbane’s median house price is still growing, whereas Melbourne’s is falling:
Source: PropTrack
It is highly likely that Brisbane’s median house price will also overtake Melbourne’s this month.
Looking further ahead, ANZ recently forecast 9-10% growth for Brisbane dwelling values this calendar year, versus only 2-3% growth for Melbourne:
NAB forecast 7.7% price growth for Brisbane this year, compared to only 2.6% growth for Melbourne:
Clearly, Brisbane is fast losing its affordability advantage over its larger cousins to the south.
Although Sydney remains in a league of its own when it comes to expensive housing.
