Brisbane has recently overtaken Canberra to become Australia’s second-most expensive capital city. The latest CoreLogic Home Value Index (HVI) for June 2024 reveals that Brisbane’s property values rose by 1.4% in May, reaching a median dwelling value of $843,231. This increase highlights Brisbane’s rapid market growth, surpassing Melbourne in both house and unit values for the first time since June 2008.
Brisbane’s property market surge is driven by a significant shortage of available supply. Listings are 34% below the five-year average, with fresh listings being quickly absorbed by high market demand. This dynamic has kept stock levels low and exerted upward pressure on prices.
Since the onset of COVID-19, Brisbane’s dwelling values have surged by 59.8%, far exceeding Melbourne’s 11.2% and the Canberra’s 31.8%.
Investors are drawn to Brisbane for its high rental yields, which continue to rise, providing a buffer against borrowing costs. This makes Brisbane a lucrative option for both local and international investors seeking stable and profitable returns.
<Top 10 highest 12 month value growth around Brisbane>
In summary, Brisbane’s rise in the property market underscores its resilience and attractiveness, positioning it as a prime destination for investment and residential growth.
