Comparison of Property Prices: Brisbane vs Melbourne

The latest data from PropTrack Home Price Index reveals a fascinating trend in the Australian property market, with surging prices in Brisbane and stagnating values in Melbourne leading to an equal median dwelling price just under $800,000 in both cities. This milestone marks the first time in 14 years that Melbourne has not held the higher home prices compared to Brisbane.

The significant price growth in Brisbane, up by 60.7% since the start of the pandemic, is attributed to a population boom and limited supply of properties on the market. On the other hand, Melbourne has seen weaker price growth due to population losses to other states and regional areas.

According to PropTrack senior economist Eleanor Creagh, the supply of properties listed for sale in Brisbane has been consistently tight, while Melbourne has had more options for buyers, leading to a lagging home price recovery.

For buyers looking to spend around $800,000, the type of property they can afford differs between the two cities. In Melbourne, this budget could buy a recently-built house in the west, an older house with more land in the east, or a modern two-bedroom apartment in the inner city. In Brisbane, buyers could find a solid brick home in the south, a timber cottage near the water in the north, or a well-located inner city unit.

Despite the differences in property types and locations, buyers in both cities have the opportunity to find properties with water views within the $800,000 range.

Overall, the current housing market dynamics highlight the evolving trends in Brisbane and Melbourne, showcasing the impact of population shifts, supply constraints, and buyer preferences on property prices in each city. As the property market continues to fluctuate, buyers will need to carefully consider their options to find the best value for their budget.