06/06/2024
Brisbane is now the second-most expensive capital city in Australia behind Sydney for home values.
It is the first time since 1997 that Brisbane has had the second-highest median dwelling value in the country, after overtaking Canberra in May. That follows sustained growth earlier in 2024 when the Queensland capital overtook median Melbourne house prices in January, for the first time since June 2008.
Brisbane’s median house value is currently $937,479 — just $190 above Melbourne, data from CoreLogic shows.
The value of units in Brisbane is also higher at $615,429, compared to $614,299 in Victoria’s capital.
“Fresh listings are being absorbed rapidly by market demand, keeping stock levels low and upwards pressure on prices.”
The Queensland government are attempting to combat supply issues by locking in a further $2.8 billion in the 2024-2025 budget towards the Home for Queenslanders plan, which seeks to build one million homes for Queenslanders by 2046.
Premier Steven Miles on Monday announced the construction of up to 600 modular homes as part of the plan.
Miles said the modular homes will be built in partnership with the private sector and be underway by the end of 2024.
* article sourced by 7news.com.au
