The median dwelling value in Brisbane just overtook Melbourne. Here’s why.

Brisbane’s real estate market surged by 50.2% since March 2020, driven by increased popularity, especially with remote work leading to a population influx. This high demand has created a seller-friendly environment due to housing shortages.

By the end of last year, Brisbane secured the third-highest median dwelling value among Australian capitals, reaching $787,000. This milestone, surpassing Melbourne’s median for the first time since July 2009, highlights Brisbane’s robust real estate market.

Despite lower median house and unit values, Brisbane outpaced Melbourne in median dwelling values. Melbourne’s higher share of units in its housing market contributed to tower its overall median values. However, this difference may balance out soon with more units under construction in Brisbane.

Brisbane’s impressive growth, with dwelling values rising by 50.2% since March 2020, contrasts with Melbourne’s modest 11.0% increase during the same period, the lowest among capital cities. Factors such as the appeal of South East Queensland and the normalization of remote work contributed to Brisbane’s success. ABS migration data shows a record high of 51,500 net interstate migrants to Queensland, indicating a migration loss for Victoria. Despite Melbourne having a higher population, Brisbane’s rapid growth is evident, fueled by evolving work patterns and lifestyle preferences.

Read the full report here: The median dwelling value in Brisbane just overtook Melbourne. Here’s why. | CoreLogic Australia