The Rise of Brisbane Property Prices & Impact on Sunshine Coast
Brisbane prices continue to soar, outpacing the current growth experienced in Melbourne by two or three times. Since March 2020, prices in Brisbane have risen by a staggering 60.7%. It’s mind-boggling. Some attribute this rapid growth to the relative affordability of houses and unit prices in Brisbane compared to other cities. However, with such exponential growth, it’s hard to still consider Brisbane as an “affordable” city, especially for younger individuals or those looking to enter the property market.
Brisbane’s price growth is rivalled only by Adelaide (62.3%), regional Queensland (63.0%), and regional South Australia (63.7%). The surge in population numbers is another significant factor contributing to this massive price growth. Record numbers of people are migrating from southern states, and international migration numbers are also at an all-time high. Additionally, property availability is down by 40% compared to previous decade averages. With fewer properties available for sale, homeowners are hesitant to sell because of limited options in the market. A constant thought shared by many I speak to right now is, “Where would we go.”
The median dwelling prices for Melbourne and Brisbane are now on par, sitting at $797,000. This figure likely represents an average for both detached dwellings and units.
The property market in Brisbane shows no signs of slowing down, and with demand continuing to outstrip supply, prices are expected to remain on their upward trajectory. For those looking to enter the Brisbane property market, the time to act may be now before prices climb even higher.
And what does this mean for Sunshine Coast residents? While our prices aren’t skyrocketing like Brisbane’s currently, we’re not immune to the ripple effects. As Brisbane becomes increasingly crowded, more individuals will seek refuge from the chaos, and for many, the Sunshine Coast offers an appealing alternative. Residents in areas like Palmwoods and Woombye, nestled in our tranquil hinterland, may find the allure of peace and quiet drawing them further afield as well. As Brisbane sellers seek new horizons, some will inevitably turn their gaze towards our coastal paradise, potentially driving up prices here. It’s a trend we should keep a close eye on.
