Brisbane has been one of the hottest housing markets since the start of the pandemic.
According to CoreLogic, Brisbane dwelling values soared by 45% between February 2020 and June 2022.
Values then fell 10.7% to February 2023, but have since rebounded by 4.8%:
A key factor driving Brisbane’s stronger house price growth over the pandemic was the city’s strong population growth, driven by southerners fleeing north.
Queensland (led by Brisbane) recorded population growth of 192,300 over the pandemic, driven by strong net internal migration:
Queensland’s new draft regional plan, published on Sunday in the Brisbane Times, projects that an additional 2.2 million people will call south-east Queensland home by 2046, bringing the region’s population to 6 million from 3.8 million currently.
Almost 500,000 people are expected to relocate to the Brisbane City Council area alone by 2046, bringing the area’s population to 1,721,000.
“People are moving to Queensland in droves and who can blame them”, Deputy Premier and State Development Minister Steven Miles said.
“Why live in Melbourne, when you can live in south-east Queensland?”
“We are in our decade of opportunity. We have a strong economy”, he said.
According to Domain, Brisbane’s median house price is only 54% of Sydney’s median house price:
Brisbane’s median house price is also only 78% as expensive as Melbourne’s:
As a result, Brisbane housing remains comparatively affordable, implying that Brisbane property values should outperform its two larger southern counterparts in the long run.
The 2032 Olympics will also encourage infrastructure investment and reinforce Brisbane’s status as a global metropolis, potentially increasing international buyer interest.
Put simply, the longer-term conditions are in place for Brisbane house prices to boom.
