Post-COVID housing stress has been especially intense in Queensland. Brisbane property prices have climbed by 65% since the pandemic began. That’s almost double the Australian capital city average (34%).
According to new data released by CoreLogic this week, Brisbane now has the second-most expensive housing in the country, behind Sydney. Prices rose by 1.4% in May, with the median property price hitting $843,231.
Across the state, new tenancy rents are up by 45% in just four years. Adjusted for inflation, that’s a 23% increase in real terms, much more than the growth in incomes over that time. Without doubt, rising accommodation costs are inflicting financial pain on many in the Sunshine State.
