Brisbane City Council

Here’s How Brisbane Became Australia’s Second Priciest City

Brisbane has become the second-most expensive city for housing in Australia, a position it hasn’t held since 1997.

According to the latest CoreLogic report, earlier in January 2024, Brisbane surpassed Melbourne’s median dwelling value, but the disparity was largely due to compositional factors.

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Brisbane’s median house price is now standing at $937,479, surpassing Melbourne by $190.

CoreLogic research director Tim Lawless attributes Brisbane’s record rise to the city’s extremely low levels of supply.

Once considered one of the more affordable markets on the east coast, Brisbane’s momentum has accelerated, particularly during the pandemic. 

Brisbane dwelling values have surged by 59.8 per cent, compared to Melbourne’s 11.2 per cent increase since the beginning of the pandemic. 

Mr Lawless said the low supply was the primary driver behind Brisbane’s rapid growth, 

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“We need more affordable homes in well-located areas close to public transport and services. That’s why we’ve announced a whole range of incentives for industry and that’s why we’re working in partnership with local government,” he said.

Mr Lawless said that the mismatch between housing supply and demand is a common theme across the country.

Sydney retains its status as the most expensive capital city, with a median dwelling value exceeding $1.15 million, while Perth witnessed the sharpest monthly growth, with the median dwelling price rising by 2 per cent in May to $736,649.

“The number of properties available for sale in Perth and Adelaide remain more than 40% below the five-year average for this time of the year while Brisbane listings are 34% below average.”

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