Weekend Edition: Dwelling prices on the rise. Where next?
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Why are Australian dwelling prices rising again and what does it mean for buyers?
Australian dwelling prices rise again. That can't come as any surprise, can it? That always rising, except for those short periods when they rewind, only to come back bigger and stronger than before. So where is the growth happening now? Will it continue as rates come down, or could global uncertainty have an impact? And could we reach a point where higher prices mean the rental yield is falling away and making more investors look elsewhere? That's all this weekend. morning call from NEB with Phil Dobby. The weekend edition. Well, obviously, uh we will try and avoid talking about party politics uh with the election on this weekend, even though housing affordability is a deeply contentious issue. What we can say, of course, in history is that every party has had a go at trying to fix this issue and none have really succeeded.
So it remains a problem, and that's why the average price, the median value of a property in Sydney is almost one point two million dollars. And Brisbane in second place at nine hundred and eight thousand. I've got a theory on why this is, uh, in the case of Brisbane. But let's talk to Core Logics, Eliza Owen. Uh she's with us again, haven't spoken to her for a while. First of all, Eliza, um Cotality. Is this a name change?
Yeah, we uh we are going through a global rebrand. Um I'm not sure how many people know this because Core Logic has a big presence in Australia, but we have a parent company in the US. Um, we have parts of the company in the UK, New Zealand, Canada. And so this is really a global initiative that reflects our global growth. growth and evolution as a business. So um totality partly reflects that. It's it's it's encompassing this idea of totality not just in our view of property, um, but as a global business as well. Yes.
Excellent. Uh but Alliance Owen, your name's staying the same, so that's good. So there is some continuity. Uh and you're staying there. So good. Now look, uh unless you got a good offer, of course, now. But anyway. Uh look, let's talk house prices. So my theory on Brisbane, uh I don't think this is particularly revolutionary. I mean Sydney and Melbourne people were outpriced or they wanted better weather, perhaps. I don't know. Not not there's anything wrong with Sydney or Melbourne weather. So they had in north And they brought those southern prices with them. Uh and I'm not quite sure why it's overtaken Melbourne so much unless uh it was something to do with the pandemic. We know that uh people didn't lockdow like lockdown very much.
But I'm really surprised by how far Brisbane has shot ahead. What's your theory?
I I think there's a lot in that. So I mean to put this into context, in the past five years, Melbourne home values have only increased by eleven percent. Brisbane home values have risen seventy one percent in the same period. So you've gone from Brisbane's median being a hundred and ninety thousand below Melbourne's to now a hundred and twenty two thousand above Melbourne's. And as you say, the reasons, I mean, migration is a big part of that, but it really seems like COVID was the catalyst, right? Um It brought forward retirement decisions potentially when you had all that initial disruption to the workforce. Uh, as you say, Queensland had a massive demand shock. through the pandemic from internal migration and they were leaving from Victoria in many cases.
So at at the time when annual migration to Queensland was peaking at around fifty two thousand additional people from other states and territories in early twenty twenty two, there was virtually an inverse pattern in Victoria. where about thirty six thousand people left the state. So it's not just that more people went to Brisbane, it's that more people uh left Victoria, didn't move to Victoria. Uh and at the same time that Brisbane had a massive demand shock and a slow trickle of new properties coming to market. Victoria was losing people and it's still to to this day remains the state with the most dwelling completions. So an an a bit of an oversupply, if you like, of property that's kept that price growth down across Victoria at the same time that um Brisbane boomed.
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Chapters
4 chapters
1
Why are Australian dwelling prices rising again and what does it mean for buyers?
0:01–4:47
2
How did the rebranding to Cotality reflect CoreLogic’s global strategy?
4:47–11:48
3
What explains Brisbane’s rapid house‑price growth compared with Melbourne and Sydney?
11:48–24:31
4
Will falling interest rates boost Melbourne’s market after a period of slowdown?
24:31–28:59