Brisbane’s property market could overtake Sydney as the most expensive in Australia by 2032, with experts predicting massive price surges in key suburbs, and a city-wide boom ahead of the Olympic Games.
Domains latest report has predicted that Brisbane’s median house price will break the $2m mark by the Brisbane Olympics.
Brisbane’s property market has exploded over the past five years – its median house price recently hit $1,016,192, on Domain data – and Real Estate Institute of Queensland chief executive Antonia Mercorella says it is second only to Sydney’s, and there is a real possibility it could snatch the number one spot like Perth did back in 2006.
“We have become the second-most expensive city in Australia,” she says. “I think it’s really important to understand that even outside of the Olympic Games, we were already seeing such strong price growth. “When we look at the incredible demand that we’re seeing in Brisbane [and] our expected population growth, and then when we add the Olympic Games to that, there is a prospect that Brisbane will actually overtake Sydney. Only time will tell if that’s the case.”
The most expensive capital in Australia is Sydney. Sydney’s median house price is currently $1,645,444. For Brisbane to surpass that figure, the median price would have to leap by $629,252 over the next seven years – or nearly $90,000 a year. This can be done.
Domain’s data shows Brisbane’s median house price rose by $99,708 between December 2023 and December 2024. These growth numbers could rise as the Olympics draws near.
Brisbane’s median unit price leapt by $97,066 during the same time.
“If you look at Sydney, the suburbs surrounding a lot of infrastructure grew almost double over an eight to 10-year period,” he says. “With that increase in post-Games livability and entertainment precincts, those areas will probably outperform the rest of Brisbane.
“If you’ve had 10 per cent growth for seven-and-a-half years – which is where we are now – that compounds out to be a doubling of prices.”
That sharp trajectory of growth forecast for key suburbs is also likely to ripple out to other areas, lifting their values in turn.
It appears that despite large value increases, Brisbane is still a great place to be investing.
