Which was the best performing apartment market over the last decade?
Brisbane based Place Projects conducted a comparison of Australia’s east coast apartment markets: Brisbane, Sydney and Melbourne.
- The graph below clearly shows a widening gap occurring in median apartment prices between the Brisbane, Sydney and Melbourne apartment markets.
- Median apartment prices for Brisbane, Sydney and Melbourne now sit at $391,000, $750,000 and $542,800 respectively and is easily the largest gap recognised in over 10 years.
- Whilst the Brisbane apartment market has remained flat, there has been growth seen in both the Sydney and Melbourne apartment markets.
- Over the last 12 months the Melbourne apartment market has shown the strongest growth in median prices, recorded at 12.5%. The Sydney apartment market was next with 11.9% growth, whilst the Brisbane apartment market declined in median price by 1%.
- Over the last 10 years ending June 2017, the Sydney apartment market has increased in median price by 60%. This is followed by the Melbourne apartment market which has increased by 46%. However, the Brisbane apartment market has increased by only 8% during this time.
- Brisbane Apartments have been on average, 43% more affordable than Sydney apartments and 15% more affordable than Melbourne apartments over the past 10 years ending June 2017.
- At the current median price of $391,000, Brisbane apartments are 92% cheaper than Sydney apartments and 39% cheaper than Melbourne Apartments.
- Also read:Boom to bust: What makes property prices rise and fall
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Sydney property market forecast for 2024
- Also read:This week’s Australian Property Market Update – Latest Data, State by State November 28th, 2023
- Also read:The Boom and Bust of our Property Cycles: A Journey Through the Investor’s Mind
Source: Place Projects