It used to be second only to Sydney on the don’t-even-think-about-buying-here list, but things have changed around Australia and now Melbourne is cheaper than Brisbane and Perth. According to The Age newspaper, this is contributing to a mini boom in new arrivals to Melbourne, as people pack it in from elsewhere and head to the garden state.
Brisbane is now the nation’s second most expensive capital city, with a median price of $467,390, with Melbourne trailing in fourth place with a median house price of $432,500. Given it’s sudden boom, that suggests to me that things have got to ease here in Brisbane, and I think that’s what we’ll see for at least the next 12 months. Prices just can’t continue to rise at 20% pa. as they did in 2007, but will they drop as dramatically as they have elsewhere? That’s the big unknown.