During the COVID-19 property boom, many homeowners in lockdown sold their properties in southern cities like Sydney and Melbourne. They moved north to Brisbane, where larger homes were available at significantly lower prices. This migration sparked a dramatic surge in the Brisbane property market.
Between August 2020 and June 2022, Brisbane’s housing values jumped by 43%, according to CoreLogic’s Daily Home Value Index (HVI). Eliza Owen, CoreLogic’s head of research, described this as the fastest rise in values ever recorded for the city.
However, the boom didn’t last. As the Reserve Bank of Australia (RBA) began raising interest rates, Brisbane’s home values fell sharply. From the peak in June 2022 to January 28, prices dropped by 10.9%—the steepest and quickest decline in the city’s HVI history. Brisbane now joins Hobart as one of two capital cities experiencing record downturns.
Despite the correction, Brisbane’s median dwelling price remains well above pre-pandemic levels. In March 2020, the median was $506,553. By the end of 2022, it had climbed to $707,658, marking a 27.9% increase from the previous low in August 2020.
Owen noted that Brisbane still holds the third-highest value gain among Australia’s capital cities since the pandemic began. Yet, it trails far behind Sydney, where the median house value is $435,170 higher.
What’s Next for Brisbane Property?
The Brisbane property market may continue to face headwinds as interest rates remain elevated. Buyers and investors should monitor RBA decisions closely and consider long-term trends. For more insights, explore and .
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