Data from property group Domain shows that the median house price in Brisbane has risen by 4% in the last three months to a record high of $976,464.
Domain expects Brisbane’s median house price to reach $1 million within three months.
The firm had forecast in April that the $1 million median price milestone would likely be reached by the end of 2024. However, price growth has re-accelerated.
Nicola Powell, Domain’s chief of research and economics, noted that Brisbane “has large infrastructure spending ahead of the Olympics to support the housing market”.
PropTrack data shows that Brisbane home values have soared by 71% since the start of the pandemic in March 2020:
SQM Research also shows that asking rents have risen aggressively in Brisbane since the beginning of the pandemic:
One of the critical factors underpinning the surge in Brisbane home values and rents is surging immigration from overseas and interstate:
Queensland’s population grew by 141,400 in 2023, driven by 88,000 net overseas migration and 31,600 net interstate migration.
As Queensland’s population boomed, only 33,900 dwellings were completed in the year to March 2024.
The forward-looking housing construction indicators were equally poor for Queensland.
Only 32,500 homes commenced construction in the year to March 2024, while only 32,900 homes were approved for construction across Queensland in the 12 months to May 2024.
Based on this data, Queensland’s housing shortage will continue to worsen, driving up prices and rents.
