Brisbane’s Property Market Outstrips Sydney and Melbourne

Better bang for buck and a balmy lifestyle have thrust Brisbane to the top of the nation’s prestige property charts, following a stellar quarterly performance that saw the sunny northern city outstrip Melbourne and Sydney in the high-end residential market. Despite the nation’s real estate sector continuing to feel the pandemic pinch, the Queensland capital’s low COVID-19 cases and well-priced luxury properties fuelled the market surge, with Knight Frank’s latest Prime Residential Review Q3 2020 report revealing the city outshone its east-coast counterparts in fewer days on market, price growth and rental growth. When something like COVID comes along, it’s a matter of reviewing lifestyle and Brisbane has been fortunate. It opened up again before the other cities and it has become an attractive option. People will look for more lifestyle over the next year and Brisbane ticks a lot of the boxes. The Prime Residential Review Q3 2020 report revealed the average time for a prime property listed on the Brisbane market dropped to 112 days in the June quarter from 116 days the previous quarter, while price growth for prime property rose 2.5 per cent over the year to June 2020 and 0.3 per cent over the past quarter.