The median dwelling value in Brisbane has overtaken that of Melbourne, according to new CoreLogic figures.
It says Brisbane homes have experienced extraordinary capital growth in the past few years, up 50.2% since the onset of the pandemic in March 2020, while during the same period Melbourne values rose just 11%.
This means Brisbane’s median dwelling value rose from being $187,000 below Melbourne’s in March 2020, to $7,000 higher in December last year.
Brisbane now has the third-highest median dwelling value (value of houses and units combined) among the capital cities, behind Sydney and Canberra.
The Greater Brisbane median dwelling value is $787,000. It is higher than Melbourne’s for the first time since July 2009.
According to CoreLogic, Melbourne has a higher share of units as a proportion of the dwelling market than Brisbane and unit values are generally lower than house values therefore once unit and house figures are combined it is lower in Melbourne.