With that growth has come a deterioration in housing affordability, but that has stabilised in recent years, according to a new housing affordability report.
Brisbane’s growth of 300 per cent places it second only to Sydney over this period, says the Queensland Productivity Commission report. The average capital city increase was 262 per cent over this time.
While these figures might seem scary to those trying to break into the property market, Queensland has enjoyed an easier run in recent years.
The report found that:
- affordability in Australia and Queensland has deteriorated considerably since the 1970s and 1980s, but has roughly stabilised in Queensland since about 2010
- affordability in Brisbane has declined less than in Sydney and Melbourne.
While Brisbane was more affordable than Sydney, Melbourne and Adelaide, affordability across Australia was low by international comparison.
The shift in affordability coincides with a move away from the quarter-acre block near the city centre. But it seems lifestyle preferences, not just cost considerations, were influencing the types of properties in which people chose to live.
“More younger people and families are choosing to live in townhouses and apartments. Income levels do not clearly influence the types of dwellings people choose,” the report said.
“People’s preferences for different types of housing depend on factors such as where they work, family composition, cultural background, lifecycle stage, budget and priorities.”