Brighter Buying

Market update: Home price acceleration continues

by Justin Watt, CEO 21 March 2024

Brissie property values continued to grow in February with median prices remaining ahead of Melbourne.

Brisbane home values grew 0.9 per cent, continuing at a similar pace as they started this year, as values rose 1 per cent in January.

This takes the median dwelling price to $796,818 compared to Melbourne’s median of $777,250, according to the CoreLogic Home Value Index.

Only Canberra and Sydney have higher median prices than Brisbane, though Brissie remains relatively affordable compared to Sydney’s eye watering median of $1.12 million.

Even with rising prices, Aussie buyers remain committed to securing the property of their dreams.

“Despite ongoing cost of living pressures, high interest rates, low consumer sentiment and affordability constraints, homes are still selling,” said Core Logic research director Tim Lawless.

“Housing demand has been buoyed by high migration, but also tight rental markets that have probably incentivised renters to transition towards home ownership if they can afford to do so.”

While median prices can be a useful guide, as we know, they mask the reality of prices across a city and even within suburbs.

Here on Brissie’s north side you can find top end luxury and bargain basement buying. For value hunters, check out older style homes in good value suburbs like Zillmere, Brendale and even Chermside West. Unit hunters will have a hard time going past the continually gentrifying Stafford for great value and growth potential. Newer homes in Bridgeman Downs or redeveloped lots in Stafford Heights can offer a touch of luxe for those wanting insta-worthy living.

Check out how our capital cities performed in the dwelling growth charts in February:

  • Perth 1.8%
  • Adelaide 1.1%
  • Brisbane 0.9%
  • Canberra 0.7%
  • Sydney 0.5%
  • Melbourne 0.1%
  • Darwin 0.1%
  • Hobart -0.3%

Looking to buy into a solid market? View our current listings for sale.

Looking to cash in? Find out how much your property is worth or talk to us about selling.