PropTrack’s dwelling values series shows that Brisbane dwelling values have surged by 68% since the beginning of the pandemic in March 2020, with detached house values rocketing by 72%:
Unsurprisingly, the surge in values has led to Brisbane house owners experiencing the highest share of profit-making sales in the nation over the March quarter, according to CoreLogic:
Source: CoreLogic
As shown in the table above, 99.4% of Brisbane house sales recorded a profit in the March quarter, well above the capital city average of 97.9%.
The surge in Brisbane home values has occurred alongside a similar boom in rents.
As illustrated below by SQM Research, Brisbane house rents have risen by 54% since the start of the pandemic, from $470 per week to $724:
The surge in house prices and rents has created a sharp division between the home owning “haves” and the non-home owning “have nots”, with rental stress and homelessness surging across Brisbane:
It is an inequality disaster in the making driven by the unprecedented mis-match between housing supply and population demand:
So long as overseas and interstate migrants continue to pour into South-East Queensland, the region will remain in severe shortage.
