The Australian housing market is experiencing a noticeable slowdown after a two-year surge in prices, with national price growth reaching its weakest point since early 2023, according to Domain’s latest House Price Report. While many cities still hit record price levels, Melbourne and Canberra saw slight declines, reflecting affordability pressures that have begun to dampen buyer competition across the country.
Brisbane stands out in this shifting landscape, nearing the $1 million median price mark with strong growth of 1.5% over the quarter.
Our very own Lauren Jones, a leading Brisbane buyer’s agent, anticipates this milestone by month’s end, signaling Brisbane’s growing allure.
Excerpt of Lauren Jones’ Commentary
Brisbane is just $5000 shy from becoming a $1 million market, and Lauren Jones, a Brisbane-based buyers agent, expects it will happen by the end of the month.
“The world’s now watching Brisbane,” she says. “Everyone wants to come here. People used to come to Brisbane because it was cheap and the weather was good, but now people come to Brisbane because they want to be in Brisbane.”
In the past five years, property prices in Brisbane have essentially doubled, but it’s unlikely that the city will experience that same trend in the next five years, Jones says.
“We’re starting to see some of the generational wealth created in Brisbane spreading through the market,” she says. “A lot of families or parents who have made a lot of equity in Brisbane’s recent boom are starting to give that money to their kids to then go and purchase.”
Adelaide is $26,664 away from becoming a $1 million market, and Powell says the city is on track to hit its milestone by the end of the year with its slower pace of growth.
“Annual gains are still rising – which bucks the national slowdown – and are now the second steepest across all capital city markets, second only to Perth,” she says.
Check out the full Domain article to learn Lauren’s perspective on a shift in generational wealth and Brisbane’s property value climb.