Australian home prices surge 39.9% since pandemic, Queensland and South Australia lead growth

National home prices have jumped 39.9% in the four years since the pandemic began in March 2020, with growth far outpacing that in many regions, according to the latest PropTrack Market Insight report.

Regional Queensland (+66.5%) emerged as the highest growth market in the country since the pandemic, followed closely by regional South Australia (+66.2%), Adelaide (+64.0%), and Brisbane (+63.1%). The significant growth in Brisbane since March 2020 means home prices are now rivalling Melbourne, one of the slowest-growing markets since the pandemic.

PropTrack Senior Economist Eleanor Creagh said, “Four years on from the pandemic, home prices around the country have staged a remarkable feat. From fears of sharp falls through the pandemic, to the expectation of steep declines when interest rates began to quickly climb, home prices have defied the expectations of many, surging 39.9% nationally.”

Queensland experienced an unprecedented influx of new residents from across the country and is home to six of the top 10 highest growth regions since March 2020. Home prices have almost doubled since the onset of the pandemic in top-performing regions Wide Bay (+80.5%) and Ipswich (+79.7%).

Markets that have outperformed largely recorded exceptional growth throughout the pandemic period when the home price boom saw national prices growing at the third-fastest rate in Australia’s history. These markets have continued to record strong growth since.

Parts of Perth, Brisbane, regional Queensland, regional SA, and Adelaide avoided the 2022 price downturn, with Mandurah, Adelaide–North, and Ipswich also among the highest growth regions over the past year and since March 2020.

Ms Creagh added, “Through the pandemic strong demand, low supply and record low interest rates combined to drive a once in a generation price boom. Coastal and regional areas, along with Brisbane and Adelaide, benefitted most from affordability advantages and pandemic-induced preference shifts resulting in surging property prices. Four years on and regional home prices have outperformed their capital city counterparts in every state except WA and NT.”