Brisbane Property Five Years After COVID: Growth, Pressure and Opportunity
Five years have passed since the World Health Organisation declared COVID-19 a global pandemic — a moment that triggered global uncertainty and economic turbulence.
In Brisbane, however, the property market has undergone a remarkable transformation. Against all odds, it defied expectations of downturns and instead experienced substantial and sustained growth.
Property Values on the Rise
Contrary to early predictions, Brisbane’s property market has flourished over the past five years. Dwelling values have surged by approximately 69.7%, adding around $367,000 to the median property price.
As of late 2024, Brisbane officially joined Australia’s million-dollar property club, with the median house price reaching $1,016,192 according to Domain’s House Price Report.
This growth places Brisbane alongside Sydney, Melbourne, and Canberra as one of the nation’s most valuable capital city markets.
The city's continued price gains have been fuelled by limited housing supply, strong interstate migration, and major infrastructure investment in the lead-up to the 2032 Games.
Rental Market Shifts
The rental sector saw similar momentum. Since 2020, Brisbane rents have climbed more than 50%, compared to around 30% in Melbourne and 40% in Sydney.
While this growth has boosted returns for landlords, it’s also put pressure on affordability for tenants.
Vacancy rates remain extremely tight, sitting at just 1% as of February 2025. With high competition for available rentals, demand continues to drive prices upward — reinforcing the importance of effective property management and tenant support.
The Housing Supply Challenge
Despite this booming market, Brisbane — and Queensland more broadly — continues to face a housing supply shortage.
Recent data shows Queensland is projected to fall short of its housing target by 96,000 homes over the next four years, with only 151,000 of the required 247,000 expected to be delivered.
This shortfall underlines the importance of long-term planning and strategic development to keep pace with population growth and buyer demand.
Affordability Gaps for First-Home Buyers
The sharp rise in property values has made entering the market more difficult for aspiring homeowners.
Research shows that even with a decade of consistent saving, many individuals still fall short of the deposit needed to buy in Brisbane.
For example, someone who began saving in 2014 would have built up $122,801 by 2024 — but with a median deposit now sitting at $181,500, they’re still more than $58,000 behind.
This growing gap reinforces the need for creative solutions and support systems to help more Brisbane residents get into the market.
What’s Next for Brisbane?
Brisbane continues to attract new residents, new investment, and new opportunities. But to maintain momentum, the city must address the challenges of affordability and housing supply head-on.
The next five years will require collaboration between governments, developers, and property professionals to ensure Brisbane remains a place where people can invest, rent, and live well.
We’re Here to Support Brisbane Property Owners
At Aurora, we understand the pressures Queensland landlords and tenants are facing in today’s market. Whether you're looking to secure reliable tenants, maximise rental returns, or simply get expert guidance — we're here to help.
Get in touch today to see how we can support your property goals.