Property price gap narrowing

One of Australia’s big four banks has predicted Sydney property prices will become “relatively” less expensive than those in Brisbane within the next few years.

ANZ head of Australian Economics David Plank’s comments came at the Property Council’s outlook lunch on February 8, when he said the gap between affordability of Brisbane and Sydney would narrow over the next few years.

Sydney prices are falling whereas Brisbane’s are pretty stable,” he said.

“We’re in the midst of a cycle now that’s going to be reasonably severe in Sydney and Melbourne anyway in terms of prices.”

Social demographer Bernard Salt said when it came to the general cost of living it was plausible to predict there would be “parts of Brisbane” that would become less affordable than “parts of Sydney”.