Brisbane Dwelling Prices Outpace Melbourne Amid Pandemic-Driven Migration Surge

Published on January 11, 2024

Surging interstate migration has propelled Brisbane’s average dwelling price above Melbourne’s, marking a significant shift from its previous reputation as a “poor cousin” to the southern capitals. Since the onset of the pandemic in March 2020, the average dwelling price in Brisbane has surged by 50.2 percent from $500,000 to around $787,000, surpassing Melbourne’s average for the first time since July 2009 by $7,000. During the same period, Melbourne had the smallest increase among Australian capital cities, at just 11 percent, bringing the average dwelling price to around $780,000. CoreLogic Head of Research Eliza Owens said lifestyle factors influenced the diverse capital growth outcomes, with southeast Queensland becoming more attractive during the pandemic....

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