BRISBANE OVERTAKES MELBOURNE AS AUSTRALIA'S THIRD MOST EXPENSIVE CITY TO BUY A HOME, THE FIRST TIME IN 15 YEARS
🏠 Brisbane: The New Contender in Australia's Property Market
In a stunning turn of events, our very own Brisbane has dethroned Melbourne as Australia's third most expensive city for buying a home. This is a first in 15 years, and it's making waves! Since 2020, home prices here have skyrocketed by a whopping 50%, pushing the median dwelling price to an eye-watering $787,217. Meanwhile, Melbourne's median lags slightly behind at $780,457.
📈 The COVID-19 Boost and Its Impact
Thanks to the COVID-19 boom over the past three years, Brisbane's property market has been on a fiery trajectory. Corelogic's latest data confirms this historic shift, marking a new era in our city's real estate story.
👨👩👧👦 Meet the Deacons: A Family Adapting to the Boom
Amidst this market frenzy, let's take a moment to appreciate the resilience and ingenuity of Brisbane families. Take Michael Deacon's family, for example. Faced with soaring prices, they teamed up with Michael's mother-in-law to purchase a dual-living home. This savvy move not only helped them afford a home in this competitive market but also brought their family closer together. It's stories like these that highlight the personal and financial triumphs in our city. (SOURCE: ABC NEWS)
🌞 Brisbane: Still a Bargain in Some Ways
Despite these high prices, Brisbane remains somewhat of a bargain compared to Melbourne, especially when it comes to individual house prices and units. Our median house price stands at $875,991, which, believe it or not, is still cheaper than Melbourne's $948,041!
🏘 The Market Outlook: Brisbane vs. Melbourne
As we head into the new year, Brisbane continues to outpace Melbourne. Our city is still very much a seller's market, although the growth rate has slowed a bit. But don't worry, Brisbane's real estate scene still holds plenty of opportunities for both buyers and sellers.
📊 Rental Market: A Tight Squeeze
It's not just buyers feeling the heat; renters in Brisbane are also facing challenges with record-high rental prices. The average rent for houses is now at $600 per week, and for units, it's $560. This marks the 10th consecutive quarter of growth for unit rents – a trend that's truly "unheard of," as noted by Domain's chief of research, Nicola Powell.
📉 A Glimmer of Hope for Renters
But here's a ray of hope: signs indicate that the rate of rent increases might be slowing down, not just in Brisbane but across Australia. So, fingers crossed for some relief in the rental market!
🌏 Brisbane: A Magnet for New Residents
Brisbane's allure continues to grow, attracting people from interstate and overseas. This influx is a testament to our city's appeal but also puts extra pressure on our housing market.
🔍 Looking Ahead: The 2023 Outlook
As we wrap up this rollercoaster year, let's keep an eye on the trends. Whether you're looking to buy, sell, or rent, Brisbane's real estate market is certainly one to watch!
Stay tuned for more updates, and remember, we're here to help you navigate this dynamic market. Here's to finding your dream home or investment in Brisbane!
Adele Oliver # 0439 005 705
Josh Pagotto # 0404 351 445
