The housing crisis hit Queensland hard. Jolted into action, the state has raised its game.

Abstract

Post-COVID housing stress has been especially intense in Queensland. Brisbane property prices have climbed by 65% since the pandemic began. That’s almost double the Australian capital city average (34%).

According to new data released by CoreLogic this week, Brisbane now has the second-most expensive housing in the country, behind Sydney. Prices rose by 1.4% in May, with the median property price hitting $843,231.

Across the state, new tenancy rents are up by 45% in just four years. Adjusted for inflation, that’s a 23% increase in real terms, much more than the growth in incomes over that time. Without doubt, rising accommodation costs are inflicting financial pain on many in the Sunshine State.

These conditions push some people into homelessness. With “tent cities” appearing across Brisbane, the crisis looks to be deepening.

Yet, as we report today, this situation has triggered a flurry of constructive housing policymaking. Queensland has begun to reverse a long-term decline in its social housing stock. The state has also boosted homelessness funding and services.