CoreLogic data shows property prices grew by 0.8 per cent during May, making it the largest monthly increase since October last year.
Brisbane is now the second-most expensive capital city, and its house and unit prices are higher than those in Melbourne.Tim Lawless from CoreLogic expects there will be further price pressures on housing values while demand outstrips supply.
Sydney remains the most expensive capital city with a median home price of $1.15 million — including both standalone houses and apartments — after recording 0.6 per cent growth during May. Comparatively, demonstrated demand for housing is still above average, and is 2.8 per cent higher than a year ago.
Housing supply and demand will eventually even out, he said, due to slower population growth and a surge in construction. It's the first time since June 2008 that Brisbane's house prices have been more expensive than those in Melbourne. Prior to the pandemic, CoreLogic said Melbourne's median dwelling value had premium of about 37 per cent compared to Brisbane.
Core Logic House Prices Property Prices Interest Rates Housing Supply Housing Demand Housing Construction Property Market Housing Market Mortgage
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