As Billy Slater’s formidable Queensland Maroons aim for their 25th State of Origin series victory and third series in a row starting on Wednesday night at the Olympic Stadium in Homebush, in Sydney’s west, against the plucky NSW Blues, the NSW property market remains the homeownership powerhouse of Australian real estate. However, on the investment front, Queensland is setting the pace for rental yields and capital growth since COVID. 

According to CoreLogic, the Blues capital of Sydney continues to lead with a median property value of $1,156,020, matching the record set in 2022. However, there was a significant shift in May, with the Maroon’s capital of Brisbane surpassing Canberra to hold the second-highest median dwelling value of $843,231 among Australia’s capital cities. This is a position Brisbane hasn’t held since 1997 – also a great year for the Maroons, who clinched the State of Origin series 2-1. But we’ll keep the statistical comparison focused on bricks and mortar rather than the tackles and tries. 

Queenslander, Queenslander, Queenslander  

If you’re looking for impressive capital growth since the onset of COVID back in the autumn of 2020, it’s those chanting “Queenslander, Queenslander, Queenslander,” who are celebrating a strong victory.According to CoreLogic, Queensland has seen a remarkable growth of 59.8%, compared to Sydney’s 27.2% since the start of COVID. The victory is even more significant for Queensland when comparing regional returns – values in regional Queensland have surged by 60.5% since the beginning of COVID, outpacing the 48.3% growth in regional NSW.

Moreover, Queensland has achieved a distinct victory on the investment returns front, with rental yields in Brisbane running at 3.8% compared to 3.1% in Sydney. Regional Queensland also scores a win, with average yields of 4.6% compared to 4.1% in regional NSW.

On the demand front, the Blues’ capital of Sydney wins on points when it comes to auction clearance rates. For the last weekend of May, Sydney recorded auction clearance rates of 71.4%, compared to 74.2% this time last year. Brisbane, on the other hand, scored 64%, down from 73.1%. Interestingly, the mostly AFL-dominated city of Adelaide scored a very credible 87.2% at the end of May. However, this analysis isn’t about AFL versus NRL states and their property markets! According to the latest data from Raine & Horne, attendances at open for inspections (OFIs) in NSW were unchanged from April, while Queensland saw a remarkable 51.05% rise, giving the maroon market a clear-cut victory. 

This news is fantastic for Queensland homeowners and investors looking to sell and they’re responding in droves, with listings soaring by 25.84% month on month in May according to the latest data from Raine & Horne. In comparison, listings in New South Wales are on par with April – although appraisals in the blue state were up almost 4% in May.  

As the Maroons and Blues battle it out on the field for rugby league bragging rights, the real estate markets of NSW and Queensland are also in a fierce contest. Sydney remains the stronghold of homeownership with its robust median property values and auction clearance rates. Meanwhile, Brisbane and regional Queensland are showing impressive form with excellent affordability, strong rental yields and remarkable capital growth since the onset of COVID-19. So, whether you’re cheering for the Blues or the Maroons during “Origin”, both states offer plenty of appeal in terms of real estate fundamentals and growth prospects for homeowners and investors alike.

[i] https://www.corelogic.com.au/__data/assets/pdf_file/0028/22969/CoreLogic-HVI-JUN-2024-FINAL.pdf 
[ii] https://www.corelogic.com.au/__data/assets/pdf_file/0028/22969/CoreLogic-HVI-JUN-2024-FINAL.pdf
[iii] https://www.corelogic.com.au/news-research/news/2024/just-over-2,300-homes-taken-to-auction-across-the-combined-capitals