Brisbane houses more expensive than Melbourne

Realestate.com has reported that for the first time in 14 years, Brisbane homes are more expensive than Melbourne.

Brisbane’s house values are 12.82% higher than an year ago and rose again by 0.23% in April 2024.  Brisbane’s median dwelling value is now $818,000.

Melbourne’s house values on the other hand declined 0.1% in April 2024 and are just 1.1% higher than a year ago and the median dwelling price is $805,000, which is $13,000 less than Brisbane.

Nationally, Perth was the strongest performer in April 2024 followed by Adelaide and Sydney.  However, new record highs were reached in Sydney, Brisbane, Adelaide and Perth.

The reasons behind Brisbane’s price growth has been limited supply coupled with strong domestic interest and increasing migration from the southern states.

This trend appears to be stretching out of Brisbane and into the regions, as the Lockyer Valley appears to be following similar lines to Brisbane with limited listings and still strong local interest and solid migration from outside of the area.

With the Reserve Bank meeting today to decide on the future of interest rates there seems to be even more questions than answers in the property sector.

This could lead to an opportunity for people who are willing to take a risk.