Brighter Buying

Market update: Brissie market to take #2 spot in Australia

by Dan D'Silva, Property Consultant 23 May 2024

For as long as most of us can remember, Sydney has laid claim to being the priciest city in Australia and, let’s be honest, it’s taken that as license to parade itself as the best city down under.

Melbourne, like the second born child, has nipped at Sydney’s heals on the property price ladder and tried its best to shake Sydney from the top city bragging rights with claims of superior culture and better coffee. (They might be right on the coffee).

But now, reports The Australian, a new contender for second spot is emerging: Brisbane.

Research released this month is forecasting that Brisbane’s median property price will leap-frog Melbourne’s by year’s end and we’ll take the mantle of Australia’s second most expensive city.

It’s a title likely to inspire mixed emotions in Brissie locals.

Ever the competitive bunch when it comes to states of origin, we would probably be quite chuffed to claim a win against a southern capital city.

But we’ve enjoyed relative affordability compared to southern states for a long time now and certainly buyers wanting to break into the market will be hoping that remains the case.

With continued high demand and comparatively low stock on market, Brissie prices are holding strong. Add to that strong migration and pre-Olympic fever and the Brissie boom looks set to continue.

We know property crystal balls are notoriously unreliable over the short term so who knows if Brissie will become Australia’s second priciest city this year or not.

It doesn’t really matter either way. What’s important for potential buyers is to set a realistic budget, be open when considering your options and build your network of local agents to help you understand your desired market and be well-placed to buy when the opportunity arises.

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