Australian Dwelling Prices Surge in May, Brisbane Emerges as Second Most Expensive City

May witnessed a significant surge in Australian dwelling prices, marking the largest monthly increase since October. Sydney retains its status as the most expensive capital city, while Brisbane ascends to the position of the second-most expensive.

The latest data from CoreLogic underscores a continuous rise in housing values, fueled by a persistent imbalance between supply and demand. Low supply and heightened demand contribute to soaring prices, sparking concerns about affordability for Australian residents.

Notably, Brisbane’s property market has outpaced Melbourne’s, experiencing five times faster growth since the onset of the COVID-19 pandemic. This rapid escalation exacerbates affordability challenges and underscores the pressing need for intervention to address the housing crisis.

The mismatch between housing supply and demand is expected to exert further pressure on housing values and affordability in the foreseeable future. As the market continues its upward trajectory, stakeholders must work towards sustainable solutions to ensure housing remains accessible for all Australians.