The gap between Sydney and Brisbane home prices continues to close, with new data showing a difference of just $244,000 between the two cities.
Brisbane’s median home price reached a record high of $868,000 in November, rising 0.28% or $13,000, according to the latest PropTrack Home Price Index released on Monday. This marks a significant increase from $855,000 in September, with prices having surged over 80% in the past five years.
PropTrack senior economist Eleanor Creagh noted that an uptick in spring property listings has tempered the pace of Brisbane’s price growth.
“The increased volume of homes on the market has met strong demand but has also contributed to slowing price growth, alongside affordability challenges and persistently high interest rates,” said Ms. Creagh.
Despite the slowdown, Brisbane remains one of the best-performing capital city markets over the past year, with home prices standing 12.56% higher than in November 2023. This continued growth cements Brisbane’s position as the second-most expensive capital city, surpassing Melbourne and Canberra.
Meanwhile, regional Queensland also saw gains, with home prices rising 0.21% to hit a new high of $709,000 last month.
Looking ahead to summer, Ms. Creagh expects Brisbane home prices to keep rising, albeit at a slower pace compared to recent years.
While inflation has eased within the Reserve Bank of Australia’s target range—2.8% for the September quarter and 2.1% in October—Ray White chief economist Nerida Conisbee anticipates the RBA will maintain current interest rates following its next meeting.
“Earlier predictions of four rate cuts in 2025 have been revised to two, with the first expected in May and the second in September,” said Ms. Conisbee.
She attributed this adjustment to economic uncertainties stemming from the recent U.S. election of Trump, which could lead to broader economic challenges both internationally and in Australia.
