Brisbane property prices: What happens next??
The most common question asked of us right now: What’s ahead for Brisbane property prices? Oh, if only any of us really knew! This week’s latest Home Value Index from CoreLogic gave us a lovely set of numbers. So can we draw some conclusions on what’s ahead??
- Brisbane’s dwellings were up another 2% in July and are now 15.9% higher over the past year
- This puts our median price at just under $600,000. Importantly, (if we think there’s a link and a lag effect – which we do) Sydney’s home prices now have a median topping $1million! The gap has widened even further this past 6 months.
- Speaking at a Brisbane event last week CoreLogic’s Tim Lawless reminded us Brisbanites’ incomes are around 10% less than our blue cousins from Syd-en-ney. But their median price is now 1.7 times ours. In the affordability stakes Brisbane is a clear winner. (And that’s far more important than some football series…)
- And speaking of reasons to leave NSW, the ABS population data shows almost 31,000 of them did just that in the March quarter alone. Along with 24,000 Victorians leaving their garden state. Queensland topped the nation for interstate migration (by a Bruce Highway mile) with a lift of 7,000 new maroons for the quarter. Who knows how many will come once the southerners are allowed out again…
Too many real estate agents claim to read the tea leaves on Brisbane property prices. We know there’s a thousand moving parts and lots of possible outcomes. But the national media will focus on southern markets and the changes happening there. And Brisbane has some promising stats of our own right now.