Hang on a minute, didn’t we already hit that milestone a while ago?
According to Cotality data, yes, Brisbane overtook Melbourne house prices in June last year and Canberra in October last year, making us second behind Sydney.
But Domain data now agrees, recently reporting that: “Brisbane has outmuscled Melbourne for the first time to become Australia’s second-most expensive capital city to buy a house, after prices jumped to a record $1.1 million”.
Confused?
You’re not the only one. The difference can be explained because Cotality and Domain use difference data sources and statistical models to calculate simple-looking numbers like median house prices.
If you have a penchant for economics you could probably write PhD on the topic of which data set is more accurate.
But for those who want a simpler interpretation, the big picture is pretty clear regardless of which data source you prefer. Brissie prices are hot and getting hotter.
“Brisbane is in a super cycle and momentum is still accelerating,” says Domain chief of research and economics Dr Nicola Powell.
“For the first time ever it’s the second-most expensive capital. The price point there has seen such a significant change and when you look at house price growth that quarterly figure doubled compared to the previous one – making it the strongest quarter in 15 months.
“And when you look at the net overseas migration figures, they’re three times faster than they were in 2010 and four times faster than the decade average for interstate migrants,” she said.
Translation: buckle up, there’s likely more growth to come.
Looking to join the growth party? View our current listings for sale or talk to us about selling.
