Brisbane's median property price has overtaken Melbourne's.

At the start of 2024, we saw a real estate report like this: the median price of Brisbane properties has overtaken Melbourne. To be honest, we had long foreseen this day arriving — we just didn't expect it to come so soon.

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

The main reason for Brisbane's rapid price growth is still rapid population growth, which has further intensified the imbalance between housing supply and demand, keeping the Brisbane property market in a "seller's market" over the long term. Population growth comes from two sources: interstate migration and overseas migration.

Remote work allows residents from 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 cheaper.

As for overseas migration, Queensland has long ranked third, behind New South Wales and Victoria. Apart from the sharp drop in overseas migration during the pandemic, it is currently in a strong rebound.

At present, the pace of price growth in the Brisbane market is slowing. One reason is that loan interest rates are too high, which is suppressing market demand. We will keep a close watch on future market changes and report back to everyone in a timely manner.