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Money

House prices predicted to double in one Australian city

AussieSaves

Experts predict that house prices could double in one Australian city. Here's why

House prices in Brisbane could be about to soar in value as thousands of Australians relocate to the sunshine state in a bid to avoid Covid lockdowns and soaring house prices in Sydney.

According to Domain, Brisbane's current median house price of $678,000 is less than half of Sydney's ($1.4 million), with Melbourne's just over $1 million.

Yet by the time the 2032 Olympic Games is staged, the figure in Brisbane is likely to be as high as $1.5 million.

CoreLogic data shows the city's annual housing value growth at 18.4 per cent.

It ranked third-fastest city nationally for August (2 per cent) behind only much smaller markets in Canberra (2.2 per cent) and Hobart (2.3 per cent).

As many companies move to a work from home model, jobs that would have traditionally only been available in Sydney and Melbourne, can now be done from anywhere in the country,  helping drive growth in Brisbane.

'Homebuyers have realised working remotely due to the pandemic is here to stay and entered a 'race for space,' co-founder of national property network BuyersBuyers, Pete Wargent told AAP.

'There has been a marked shift towards tree-change and especially coastal or sea-change markets, with a rush of city buyers moving outwards to compete for a limited supply on in-demand stock,' he said.

More than 30,000 Australians moved to Queensland in 2020 - a 15-year high.