Housing prices in Australia have skyrocketed, but Melbourne has only risen by 3%! It has been completely crushed by Brisbane, and the gap may be even greater in the future
Australia's three major capital cities, Sydney first, Melbourne second, Brisbane third, this is the consensus of everyone.
Thanks to population growth, Melbourne has been attacking Sydney, but this impact is getting weaker and weaker... Now, Melbourne may not even be the second largest city!
Looking at the latest statistics, house prices are soaring across Australia, but Melbourne is in a special situation, although Melbourne has also attracted many overseas immigrants, but the increase in house prices is very limited.
The latest CoreLogic data shows that Melbourne's median house price rose by 3% to April this year, well below the 4.2% wage growth rate. Despite the average house price of $941698, the median house price is still less than $600,000 in some places close to Port Phillip Bay.
Looking at Brisbane, the median home price in Brisbane has risen by 15.9% over the past year to $920046, almost overtaking Melbourne!
Sydney is still Australia's most expensive city, with a median home price of $1,421,000, but Sydney's house prices are growing at an annual rate of 9.6%.
Of course, there are two other cities in Australia where house prices are also skyrocketing, with the median price of a home in Perth soaring 21.3 per cent to $753947 and Adelaide rising 13.9 per cent to $800648.
With the exception of Hobart and Canberra, Melbourne has seen the lowest house price increases in Australia.
Although housing prices do not fully represent the scale of a city's development, housing prices can reflect the development potential of a city to a certain extent.
A large part of the reason why house prices in Perth and Brisbane are soaring now is because of interstate immigration, many people in Australia have moved from Melbourne to live in Queensland, even if they live in remote areas, and do not want to continue to live in Australia's second largest city
More crucially, Brisbane's development is more than meets the eye. As the host of the future Olympic Games, Brisbane will definitely invest heavily in infrastructure and housing in the coming period, and the upgrading of the entire city and the high exposure brought by the Olympic Games may make Brisbane usher in a leap forward.
With a better environment and climate, coupled with unlimited development potential, Brisbane may indeed be expected to surpass Melbourne to become Australia's second largest city in the future.
And Melbourne, let alone counterattacking Sydney, needs to do their best to keep their current position.