Everyone's talking about the Melbourne milestone from a couple weeks back. Worth being careful about what to actually do with a headline like that, because a ranking is not a strategy.
The naive read is that Brisbane's now expensive, so the easy growth is behind us, go find the next affordable city instead. I don't buy that read. Rankings shift because of underlying fundamentals, population growth, supply constraints, infrastructure investment, and those fundamentals in Brisbane haven't reversed just because the median crossed Melbourne's.
The more useful read is that pricing power has genuinely shifted here, which changes what yield and growth look like relative to where I started years ago. I'm adjusting my expectations for new purchases accordingly, not exiting the market because a headline made it feel like the story's over.