Maybe it’s an omen.
If this weekend’s footy grand finals were based on property, and not players, Brisbane would return home with both the AFL and NRL trophies.
While the Lions and the Broncos are outsiders in their respective grand finals against Collingwood and Penrith, Brisbane’s property market is in front on the real estate scoreboard for houses and apartments.
LJ Hooker Head of Research Mathew Tiller said when it comes to apartments, Collingwood’s median price, $613,750 is higher than Brisbane City at $550,000.
“But over the last 12 months, Brisbane apartments recorded 6.8 per cent growth while Collingwood’s median price dipped 6.3 per cent,” he said.
“For investors, Brisbane apartments offered a 6.5 per cent rental yield from a median rent of $620 per week, while Collingwood recorded 5.1 per cent return from a median of $550 per week.
“Rents in Brisbane surged 24 per cent over the last 12 months compared to 10.6 per cent for Penrith.”
Mr Tiller said Collingwood apartments won a tight days on market contest at 38 days compared to Brisbane’s 39 days.
And in the house market, Brisbane’s LGA outperformed the Penrith LGA as well over the period.
“Brisbane had a median house price of $1.104m compared to Penrith’s $878,950,” Mr Tiller said.
“And while the Queensland capital wasn’t immune to interest-rate driven corrections over the last 12 months, the city is now only 1.1 per cent below its August 2022 median while Penrith is 2.3 per cent in decline.
“Penrith houses took an average of 23 days to sell, a little better than Brisbane’s 26.”
Mr Tiller said Brisbane edged Penrith out for rental yields (3.3 per cent compared to 3.2 per cent) while growth in rents was also similar (Brisbane 11.1 per cent compared to 10.7 per cent for Penrith).
“The Lions and Broncos might be the outsiders for the big games, but they’ve outperformed their respective opponents in the eyes of sellers and investors,” he said.
“Will the bragging rights for property find themselves onto the footy field?”
Mr Tiller said Brisbane’s apartment and house markets had been underpinned by Queensland’s strong population growth post-Covid.
Over 2021-22, Queensland was the best performing state for interstate migration according to the Australian Bureau of Statistics.
The state recorded net interstate migration of 31,070 residents, while NSW lost 30,213 residents and Victoria 5644.
“Brisbane’s property market has performed well leading into September, just as its football codes have,” Mr Tiller said.
“Will it be an omen for the big games?”