Brisbane’s misplaced its affordability crown. But is our life-style price it?

Three-quarters of Brisbane’s residents say they’d fairly dwell right here than every other place in Australia – however can they nonetheless afford it?

Brisbane has already misplaced its crown as probably the most reasonably priced mainland east-coast capital to Melbourne, and is predicted to overhaul Sydney because the country’s most expensive capital city unit market.

“I have lived in Brisbane my whole life and seeing it go from affordable to near-impossible to buy a house is just heartbreaking,” stated Daniel Handley, a 34-year-old hydraulic fitter.

Growth in Brisbane has been exponential, and as impartial economist Saul Eslake factors out, fairly sudden.

In May 2021, the median home value in Brisbane was $683,849. Five years later, it’s $1,225,350.

Handley and his spouse Jessica hire a townhouse in Richlands, about 20 kilometres south-west of the CBD, with their 14-month-old daughter Bronte.

“My wife and I, we’re on a pretty good wicket, but even we’re feeling the strain because everything’s just getting so expensive,” he stated.

“When we first moved in together, we moved into a cheap little unit in Moorooka. It was $320 a week and it was fairly nice. Now we’re paying $720 a week for something that is smaller.

“Sometimes you just wonder, ‘How did we get here?’”

Brisbane’s median home value cracked $1 million on the finish of 2024, following a wave of post-COVID migration from the southern states.

Today, a dual-income couple would wish to earn about $102,000 every to afford a median-priced home.

This assumes the couple has no bank card debt, no different money owed, no kids and they’re shopping for with a 20 per cent deposit – a giant hurdle in its personal proper.

In simply 12 months, Brisbane’s median home value has elevated by greater than $176,000, whereas the revenue required for a pair to purchase a median-priced residence has risen by about $14,000 per particular person, based on Canstar knowledge analysts.

The common new owner-occupier mortgage dimension in Queensland has grown 68 per cent, from $441,000 in March 2021 to $741,000 in March 2026.

Canstar knowledge insights director Sally Tindall stated Brisbane was beforehand seen as a metropolis the place consumers might discover worth for cash – a bigger, indifferent home on a good block of land, not too removed from the CBD.

“But at this point in time, I don’t think Brisbane has the reputation of being an affordable city. It might still be a great place to live, but I don’t think we can call it affordable.”

Eslake, who examined Australian Bureau of Statistics figures on family spending, suspected rising insurance coverage premiums because of Queensland’s floods and cyclones have been heaping stress on household budgets.

“Brisbane has become more expensive – a lot more expensive,” Eslake stated.

Handley stated he and his spouse had not relinquished their dream of residence possession.

“When I was growing up, the dream was always to have a family, have a home, settle down. We’re still clinging to the idea of owning our own home,” he stated.

In 2019, Queensland was arguably the most affordable place to dwell in Australia. The common Queenslander was spending $25,107 a 12 months to cowl residing bills – all the pieces besides hire and mortgage repayments – about $1000 lower than the nationwide common on the time.

Now, every Queenslander is spending a median of $34,268 a 12 months on meals, transport, healthcare, recreation and miscellaneous items and companies – about $349 greater than the nationwide common.

Eslake stated Victoria’s elevated taxes on property buyers had helped Melbourne turn into a beacon of housing affordability.

The demand for labour and supplies as Brisbane equipped for the 2032 Olympics would solely make issues worse, Eslake stated.

Tindall agreed. “Across the country, there is a fundamental shortage of places to live, but in Brisbane in particular,” she stated.

Eslake stated the extra individuals have been pushed to the outskirts, the extra their life-style modified.

“Those who do buy often have to live in places further away, and therefore have to spend more time commuting, and commuting time is wasted time,” he stated.

“If people are either struggling to save up for a home … or once they’ve bought a home, are spending a bigger proportion of their income servicing [their mortgage], then that might affect their decisions as to whether to have children, and how many.”

Why does it matter? The University of Melbourne’s Dr Anna Edwards lately defined it to a room of enterprise and native authorities leaders in Brisbane: “Cities compete. They compete for talent, investment, visitors and skilled workers. And increasingly, they compete on quality of life.”

Committee for Brisbane chief govt Jen Williams stated regardless of the rising price of residing, 78 per cent of residents have been “very satisfied or satisfied” with the standard of life in Brisbane.

“Many of the cities ranked as the world’s most liveable are also some of the most expensive to live in,” Williams stated.

“Housing affordability plays into lifestyle, but it’s not the full picture. Brisbane has incredible weather and a natural environment that are fundamental to our lifestyle.”

The largest strengths recognized by Brisbane residents in an Ipsos ballot carried out for the committee have been the inner-city’s entry to the pure setting and the town’s “general vibe”.

“For a long time, Brisbane was seen as a lifestyle-led city – one with affordable housing, but limited access to well-paid jobs. As such, many southerners could not justify the move north,” Williams stated.

“With Brisbane’s economy going from strength to strength, and the employment market providing new opportunities, the city is now seen as an enviable location to both live and work.”

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