Brisbane Surpasses Melbourne as Australia’s Second-Most Expensive City for Housing

In a significant shift, Brisbane has overtaken Melbourne to become Australia’s second-most expensive city for housing, marking the first time in 25 years. The median house value now stands at $937,479, reflecting unprecedented growth driven by low supply and high demand.

In response to this housing affordability crisis, both the state government and opposition have unveiled comprehensive policies. These initiatives include plans to build new homes, establish housing targets for local councils, and promote sustainable development through incentives.

Meanwhile, the Greens have proposed more aggressive measures such as rent controls and a substantial increase in public housing investments to alleviate the pressure on renters and low-income households.

The situation in Brisbane is exacerbated by record-low rental vacancy rates and soaring property prices, making it increasingly difficult for many residents to find affordable housing. Reports from local councils indicate a significant number of households across Queensland are grappling with housing insecurity.

As policymakers continue to grapple with these challenges, stakeholders are looking towards innovative solutions to ensure housing remains accessible and affordable for all residents in Brisbane and beyond.