Brisbane is the (real estate) grand final winner
The two biggest sporting events in the Australian calendar kick off this weekend, but what would the outcome be if it were property, not points, deciding the winner in the AFL and NRL grand finals?
Over the course of the long weekend, each of the three largest cities on Australia’s eastern seaboard – Sydney, Melbourne and Brisbane – will have a horse, or two, in the grand finals. In the AFL, it’s first versus second as Collingwood takes on the Brisbane Lions at the Melbourne Cricket Ground. A day later in another first versus second match-up, the Penrith Panthers clashes with the Brisbane Broncos at Accor Stadium for NRL glory.
Queensland capital, Brisbane, has the highest chance of claiming victory and bragging rights over their southern neighbours, given the Broncos and Lions’ appearances in their respective big dances. And if the stakes were to involve property, the Queensland capital would come out on top in both encounters, explained Mathew Tiller, LJ Hooker Group’s head of research.
“While the Lions and the Broncos are outsiders in their respective grand finals, Brisbane’s property markets have had the bounce of the ball in real estate for both apartments and houses,” he said.
In comparing apartments in Brisbane and Collingwood, Mr Tiller revealed the north-eastern Melbourne suburb boasts a higher median value ($613,750) than the Queensland capital, while units in the suburb also spend less time on market (38 days) than those in Brisbane (39 days).
However, when it comes to median price change in the past 12 months, the Queensland capital’s 6.8 per cent beat Collingwood’s -6.3 per cent, while weekly rents ($620), rental yields (6.5 per cent) and 12-month growth (24 per cent) were higher in the Queensland capital.
Brisbane almost reported a clean sweep when comparing its housing market to that of its NRL grand final opponent, Penrith, with homes in the western Sydney suburb selling quicker (23 days) than the Queensland capital (26 days).
Homes in Brisbane have a higher median value ($1.104 million), demand higher weekly rents ($653) and collect higher rental yields (3.3 per cent), while rental growth (11.1 per cent) in homes in the Queensland capital exceeds that of homes at the foot of the Blue Mountains (10.7 per cent).
Interestingly, the housing market in both regions reported declining values in the last 12 months, with Brisbane’s decrease (1.1 per cent) slightly smaller than Penrith (2.3 per cent).
Mr Tiller noted that the Queensland capital has “outperformed its respective opponents in the eyes of sellers and investors”.
Further bragging rights were won by Queensland’s ability to attract more interstate migrants than any other Australian state over 2021–22, with the state’s net interstate migration for that period sitting at approximately 31,070 residents, compared to NSW and Victoria’s collective loss of 30,213 residents and 5,644 residents respectively.
“Brisbane’s property market has performed well leading into September, just as its football codes have. Will it be an omen for the big games?” Mr Tiller concluded.
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