Brisbane's median property price surpasses Melbourne's

The start of 2024 brought a real estate report like this: the median house price in Brisbane has overtaken Melbourne. To be honest, we had long foreseen this day coming — we just didn't expect it to arrive so soon.

From March 2020, when the pandemic began, up until now, Brisbane property prices have risen by 50.2% overall, while over the same period Melbourne has seen an increase of only 11%.

The main reason behind Brisbane's rapid price growth is still its fast-growing population, which has further intensified the imbalance between housing supply and demand, keeping the Brisbane property market in a prolonged "seller's market". This population growth comes from two sources: interstate migration and overseas migration.

Remote working allows residents of other states to keep their existing interstate jobs while choosing to live in Queensland, where the climate is more pleasant and property prices are relatively more affordable.

In terms of overseas migration, Queensland has long sat in third place, behind New South Wales and Victoria. Aside from the sharp drop in overseas migration during the pandemic, it is currently experiencing a strong rebound.

At present, price growth in the Brisbane market is slowing, and one reason for this is that loan interest rates are too high, dampening market demand. We will keep a close eye on how the market changes going forward and report back to you in a timely manner.