Brisbane’s Property Market Five Years After COVID-19
It was March 11th of 2020 when the World Health Organisation declared COVID-19 as a global pandemic. It’s been five years since COVID-19 reshaped economies, lifestyles, and housing markets worldwide. In Brisbane, the property sector has undergone a remarkable transformation, with home values soaring, affordability tightening, and rental markets experiencing unprecedented shifts. Let’s take a closer look at how Brisbane’s housing market has evolved and what this means for buyers, sellers, and investors moving forward.
Brisbane’s Housing Boom
Since March 2020, Brisbane’s property values have surged by 68.7%, adding approximately $364,305 to the median dwelling price. This marks one of the most significant growth rates among Australian capital cities, behind only Perth and Adelaide. Unlike Sydney and Melbourne, Brisbane’s market has benefited from affordability relative to southern capitals, strong interstate migration, and robust demand for lifestyle-oriented living.
Key Phases of Market Growth
- Early Pandemic Shock (March – June 2020): A brief 1.7% dip in national home values due to economic uncertainty and lockdowns.
- Boom Period (July 2020 – April 2022): Brisbane home values soared as low interest rates, government stimulus, and a shift toward more spacious living drove demand.
- Correction Phase (May 2022 – January 2023): Rising interest rates led to a short but sharp market correction, with values easing slightly.
- Second Growth Wave (February 2023 – October 2024): Home values rebounded, increasing by 14.5% despite high interest rates and affordability constraints.
- Market Stabilisation (Late 2024 – Early 2025): Growth has plateaued as population growth normalises and borrowing capacity is impacted by high rates.
Brisbane vs. Other Capital Cities
Brisbane has now overtaken Melbourne and the ACT to become Australia’s second-most expensive capital city market after Sydney. While Sydney’s home values grew by 27.6% since March 2020, Brisbane’s 68.7% increase highlights the city’s rapid ascent as a property hotspot.
What’s Driving Brisbane’s Growth?
- Interstate Migration: Queensland has been a top destination for interstate movers, particularly from New South Wales and Victoria.
- Affordability (Now Declining): Brisbane was once seen as an affordable alternative to Sydney and Melbourne, but soaring prices are narrowing this gap.
- Infrastructure and Development: Major projects, including the Cross River Rail and 2032 Olympic Games preparations, are fueling demand.
- Supply Constraints: Brisbane, like many Australian cities, is facing a housing undersupply, keeping prices elevated.
The Rental Market Surge
Brisbane’s rental market has been another major story. Since March 2020, rents have risen by 40.6%, making it one of the most expensive cities for renters. A combination of surging demand, tight vacancy rates, and limited new housing supply has contributed to rental price growth.
What’s Next for Brisbane Property?
While Brisbane’s meteoric rise in home values is expected to slow, long-term fundamentals remain strong. High population growth, continued infrastructure investment, and limited housing supply suggest Brisbane’s property market will remain a key player in Australia’s real estate landscape. For buyers, the current stabilisation could present opportunities before the next wave of demand. For investors, the strong rental market offers attractive yields. Sellers, meanwhile, continue to enjoy the benefits of significant capital appreciation over the past five years. As Brisbane cements itself as one of Australia’s premier property markets, staying informed and strategic will be essential for anyone looking to navigate the evolving landscape.