New data from Domain shows that median Brisbane house prices have grown from $629,570 in March 2021 to $805,818 in March 2023.
That’s a whopping increase of $176,248!
The price growth is reflective of “house prices skyrocketing through the boom and sustaining only small price falls during the downturn,” reports Domain.
By comparison, Sydney houses grew by an average of $156,071 over the same period, followed by Canberra homes which grew $116,335.
Perth houses grew by $79,208 and Melbourne homes increased just $42,762.
The sluggish rate of Melbourne growth is partly down to an exodus of Melbournians heading for regional Victoria and north to Queensland, further fuelling Brisbane price growth, says Domain chief of research and economics Dr Nicola Powell.
And who could blame them.
We’re currently enjoying a balmy Brisbane winter with average daytime temperatures still reaching into the 20s. Melbourne won’t see that kind of daytime weather again until October!
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