Australian Property Prices Continue 16-Month Surge, Brisbane Now Second Most Expensive City

The Australian property market maintains its upward trajectory, marking a 16th consecutive month of price increases, according to recent data. In May, property prices surged by 0.8%, further solidifying the nation’s booming real estate landscape.

Brisbane has emerged as the new contender, surpassing Canberra to claim the title of the second-most expensive capital city for property prices. However, Sydney still reigns supreme as the most expensive city to purchase property, boasting a median house price of $1.4 million.

Across the country, property price changes vary, with Perth leading the charge with a significant increase of 2.0%. In contrast, Hobart experienced a slight decline of 0.5%, showcasing the diverse trends within Australia’s housing market.

Despite the consistent price hikes, regional areas offer more affordable options compared to capital cities, with a median value of $626,888. However, growth rates vary across different regions, presenting opportunities for both buyers and sellers in various parts of the country.

As the property market continues its upward trajectory, stakeholders must remain vigilant to ensure housing remains accessible and affordable for all Australians.