Forecasting the Brisbane property market and prices for 2024

Despite the challenges posed by high inflation and interest rates, Brisbane’s property market is defying the odds with a significant surge of 9.1% since bottoming out in Q3 2022, according to the latest CoreLogic data.

But here’s the catch: the window of affordability is closing fast as demand surges.

That’s because Brisbane continues to shine as an oasis of affordability, with a median house price of $848,680, compared to its more expensive southern capital city counterparts, Sydney and Melbourne.

So, what does this mean for property investors?

The time to invest in Brisbane is now.

With increasing demand and rising prices, investors who secure an investment-grade Brisbane property are likely to reap substantial returns on their investment.

Brisbane Property Market in 2023

Domain’s September Housing Report reveals Brisbane’s price downturn was short-lived, with property prices now on the rise. According to the report, house prices have already recovered $39,000 of the $47,000 lost since December 2022. The data also suggests Brisbane house prices will soon likely surpass previous peaks. Even a 1% increase in the median house price would signal a complete market recovery.

In 2023, Brisbane unit prices experienced a record high during the September quarter, a feat also shared with Adelaide. While the rate of quarterly gains decreased by more than half compared to the previous quarter, successive growth has led to the highest annual gains in a year. Unit prices in Brisbane have outperformed house prices for six consecutive quarters, leading to a 9.7% 12-month growth to $562,000.

With approximately 50% of the year’s growth concentrated in the last quarter, it appears that the temporary halt in the interest rate cycle may have positively impacted buyer confidence in Brisbane. The decision by the Reserve Bank of Australia to maintain the cash rate at 4.1% for the third consecutive month in September has instilled buyers with a sense of real sense of confidence that is carrying over into the market.

2024 Forecasts: Where is the Brisbane Property Market Headed?

At present, the Brisbane market is exhibiting a promising trajectory, poised for robust and sustained price growth throughout the remainder of 2023 and extending into the year 2024. With favourable market conditions and increasing demand, Brisbane real estate is anticipated to continue its upward trend in the lead-up to the 2032 Olympic Games.

In 2024, the most high-performing areas within the Brisbane property market will likely be inner and middle-ring suburbs. Suburbs like New Farm, Paddington, and Ascot are expected to experience significant price growth due to their proximity to the CBD, established infrastructure, and desirable lifestyle amenities. These highly sought-after areas have consistently performed well in previous years and are predicted to continue this trend in the lead-up to the 2032 Olympics.

More articles

Want to stay ahead of the rest?

Subscribe to our monthly newsletter: all the major property news, research, insights, strategies and investor stories in our monthly newsletter.

Contact us
Employment Enquiry
.docx,.rtf,.doc,.pdf fiel extensions are only allowed.
.docx,.rtf,.doc,.pdf fiel extensions are only allowed.