Brisbane house prices continue to outperform southern capitals
An 8.6 per cent annual gain extends Brisbane's run to a third consecutive year at the top of the capital city table.
Brisbane dwelling values rose 0.4 per cent in August and are 8.6 per cent higher over the year, extending the city's run at the top of the capital city growth table to a third consecutive year.
The median house price of $1.128 million now sits about 8 per cent above Melbourne's, a gap that has widened every month since October last year. As recently as 2021 Melbourne houses carried a premium of more than 20 per cent.
Rental conditions remain the tightest part of the market. A vacancy rate of 1.0 per cent has held for eleven months, and advertised rents are 5.8 per cent higher over the year, ahead of wage growth for a fourth year.
Supply is improving at the margin. Queensland approvals rose 9 per cent over the year to July, concentrated in townhouse and low-rise product in the middle ring rather than the CBD apartment stock that dominated the previous cycle.
Sources
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