Brisbane’s fall in property prices was quite shallow in 2019 compared to the two big capital cities, with local prices in April 2018 just 1.6 percent below their height.

But this followed a relatively mild growth cycle in which increases in Brisbane’s housing values over the past five years averaged just 0.8 percent per year.

Brisbane values have now posted incremental gains in their fourth consecutive month. House prices in Brisbane rose by 0.9% over the last month (+ 1.0% over the last quarter), while unit prices rose by 0.8% (+ 1.7% over the last quarter).

The Brisbane housing market fundamentals are looking healthier compared to most other capital cities, with migration rates rising, supply under control, and generally healthy levels of housing affordability.

At the same time, at a time when yields are competitive and housing affordability is relatively healthy, the underlying strong demand from home buyers and investors from the southern states puts a floor below property prices.

The economy of Brisbane is underpinned by major projects such as Queen’s Wharf, HS Wharf, TradeCoast, Cross River Rail, the second airport runway and the Adani Coal Mine, but growth in employment will not really begin for a few more years.