Comprehensive Economic Metrics in Queensland:CPI, Median Home Prices, and Rent Growth Trends (1989-2023)

The Overview

Consumer Price Index (CPI)

With cost of living and the housing crisis an ever present concern to the broader Queensland community Ronan Analytics has brought together a series of longitudinal tables to contexualise the current period we are seeing, with the results demonstrating an incredible period from a historical perspective.

The above table compiled from the Queensland Government Statistician Office's consumer price index measures quarterly changes in the price of a 'basket' of goods and services for a high proportion of expenditure by the CPI population group (i.e. Brisbane households). As well as covering a wide range of goods and services the CPI measures price movements in each of the capital cities in Australia. The CPI provides the official measure of inflation in Australia.

With the post pandemic trend looking like none other charting all the way back to 1948 with a sudden aggresive dip and a sudden rise not matching the previous era. The last two years the index grew as much as the previous nine years with the last comparable period of CPI growth found 33 years ago likely as a result of the recovery post the 1987 Black Monday crash. With the most recent September 2023 we do see a slight slowing compared to the previous period however more quarters are needed to see if this rising price pain will end.

Median Queensland Home and Land Sales Price

Continuing our series on the housing crisis and cost of living from a data perspective, growth in the last two years in new house and land was equivalent to the previous 15 years! Sales prices grew by 39% reaching a total of $700,000 in September 2023. With all residential dwellings it was equivalent to 13 years or 24% growth with the median sales price reaching $610,000. Vacant and has increased in the last year of data the equivalent of the previous 8 years reaching $246,000.

Similar to CPI the most recent September 2023 quarter has seen a slowing in prices for new houses with 0.3% growth but we have still seen an increase for all dwellings of 2.4% or a $15,000 increase in the most recent quarter of data.

No trend of the last 23 years matches the growth within the last two to three years. These prices we should reiterate are for the total Queensland state, with Brisbane's total median reaching $740,000 and the new house and land within the state's capital reaching $1.2million growing by $431,300 (56%) in the most recent three years of data.

Median Queensland Rent Growth

Continuing our series looking at rental growth, did you know that the last three years of weekly rental growth for a 3-bedroom house was equivalent to the previous 13 years! With median weekly rent growing by $150 to $520 a week or 41% since Sep 2020.

2-bedroom apartments did not offer much reprieve growing at a similar rate to the previous 11 years and eventually exceeding their housing equivalent at $525 a week or 38% growth.

Town houses, while lower than houses and apartments at $480 a week saw similar growth rate equivalent to the previous 13 years achieving 37% since Sep 2020. When compared to Queensland, Brisbane saw the higher growth for two bedroom apartments +$165 (39%) while 3 bedroom houses and 2 bedroom townhouses growing at a slower rate then the Queensland average (33%).

The last period of comparative rental growth occured prior to the 2009 Financial Crisis, with rent growth declining significantly the over the next decade with more static weekly rents over this period.