Is Brisbane becoming the next Perth where everyone’s going to get priced out? Will the current momentum continue? Have prices already peaked, or will values climb higher? What locations show the greatest promise in 2024?
In this post, we’ll explore the latest insights on the Brisbane property market. We’ll analyze factors impacting growth cycles across the city and suburbs. We’ll also look at predictions from leading experts and indexes that track home price movements.
Whether you’re a homeowner, renter, buyer or investor in Brisbane, understanding where this dynamic market is headed and why can help guide significant financial decisions on the horizon.
Table of Contents
Brisbane Property Market Overview
Brisbane’s 2024 property market displays strong fundamentals underpinned by surging demand, tight supply dynamics and impressive growth.
Over the past few years, Brisbane has seen some of the fastest-rising home values in the country, with prices rising by a massive 55.2% since the start of the COVID-19 pandemic.
Brisbane property prices are now at an all-time high of $924,498, making it the second most expensive capital city in Australia.
According to ANZ, property prices in Brisbane are set to increase by 9-10% in 2024. It looks like Brisbane is going to be one of the strongest property markets this year.
What's driving the growth?
There are many reasons why Brisbane has such a robust property market, but the main one is immigration. Queensland’s population is expected to grow by over 16% by the time Brisbane hosts the Olympics in 2032. That’s a lot of people who will need somewhere to live, and most of them will be moving to the Greater Brisbane area.
Infrastructure development, economic stability and limited housing supply are also putting upward pressure on property prices.
Is it a buyers' market or sellers' market right now?
As we enter the second half of 2024, Brisbane’s property market is strongly in favour of sellers.
There’s a lot of buyer demand and low supply. That means that properties are attracting multiple offers and often sell very quickly for top dollar.
But if you’re looking for a home to buy and frustrated at the moment, don’t lose hope – there are many sub-markets in Brisbane, and they all have different market dynamics.
There are still reasonably priced houses out there if you know where to look.
Buyers' Market
This is when there are a lot more houses for sale than people looking to buy them. So it's a good time for first home buyers. There's less competition. You can take more time deciding. And you may be able to negotiate a lower price or better deal.
Sellers' Market
This is when there are a lot more people who want to buy a house than there are houses for sale. It's a tough time for first home buyers. There's more competition to buy the limited houses available. Houses sell faster. Prices are higher. You may need to act quickly and pay more than you hoped.
The main point is - in a buyers' market, first home buyers have more options and leverage. In a sellers' market, buyers face more competition from others and have less negotiating power
Median Price Trends for Brisbane
Right now, Brisbane has way more people wanting to buy homes than there are homes for sale, making it a sellers’ market.
To understand where Brisbane’s housing market is heading, it’s helpful to look at how median prices have changed over recent years.
Over the 2013-19 period, Brisbane saw steady but unremarkable growth in its median house price. Prices rose just 2-5% yearly – decent but not exceptional.
Apartment prices were even more subdued, actually falling in some years after an oversupply from a construction boom.
But in 2020 and 2021, Brisbane home values absolutely skyrocketed, fueled by record-low interest rates and pandemic-driven demand shifts. Brisbane’s median house price rose a whopping 27% through 2021 alone, outpacing growth in Sydney and Melbourne during the same period.
In May 2022, the median Brisbane house price hit an all-time high of over $900,000. But then rising interest rates, inflation, supply chain issues and general economic uncertainty brought this rapid growth to a halt. Values fell almost 9% into early 2023 as the previously red-hot market cooled and even reversed.
By February 2023, however, Brisbane median prices were powering upwards again, surpassing the previous peak in mid-2022. The latest data as of July 2024 shows median house prices sitting around $924,498 and median unit prices around $615,429. Strong interstate migration and improving affordability relative to southern capitals continue attracting buyers, while rental demand is also driving increased property values around the city. So, in summary – Brisbane saw minimal price growth for years before exploding in the 2020-2022 boom and then receding again. Now, values are hitting new record highs, once more promising strong future growth for this rising market.
2024 Outlook for Brisbane
Brisbane’s property values are primed to keep rising strongly in 2024.
Experts predict the market will continue its impressive rebound, which began around February 2023. Home values are already up over 15% in the past year, and further growth is expected.
What’s driving this? Brisbane will host the 2032 Olympic Games, sparking over a decade of infrastructure development and population increases. Excitement is growing as the city prepares for its global showcase. Compared to Sydney and Melbourne, Brisbane also continues to attract interstate migration thanks to affordability, job growth, and lifestyle appeal.
These factors indicate significant housing demand ahead. As long as interest rates and economic conditions remain steady, the market looks set to prosper into 2024.
Some newer neighbourhoods and renewal corridor areas will come into focus for buyers and investors as Brisbane’s transformation progresses towards the Olympics. Transport upgrades and other infrastructure projects are also upgrading certain suburb profiles.
At the same time, rental demand continues to strengthen while rental supply tightens across the board. Investors are set to capitalize on rising rents. But renters may find prices heading out of reach as vacancy rates decline.
Although you should always take the predictive forecasts with a grain of salt, Brisbane will likely see sustainable growth and outsized attention as Australia’s rising major market this year.
Will House Prices Rise or Drop in Brisbane in 2024
Expect property prices to continue rising in 2024.
Current projections based on robust data see Brisbane home values continuing to rise in 2024.
ANZ predicts a 9-10% increase in Brisbane property values this year. CBA forecasts a modest 6% Growth, while NAB predicts a 6.5% growth. Westpac’s prediction is closer to ANZ’s, at 8% growth.
Leading indexes from CoreLogic, Domain, and SQM Research all show Brisbane house prices climbed over 16.% last year.
Market Statistics
Monthly Sales Volumes
In Brisbane, the number of houses sold in the last year has significantly increased by 7.3%.
This higher sales volume is a sign that Brisbane is experiencing rapid growth again.
Changes in sales volumes – 12 months to August 2024
Monthly sales volumes in the property market refer to the number of properties (like houses or apartments) that are sold within a month. This figure is a key indicator of how active the property market is. Here's what it generally means:
Market Activity: High sales volumes indicate a busy market with lots of people buying properties. Low volumes suggest fewer transactions are happening, which could mean the market is quieter.
Buyer and Seller Behavior: When sales volumes are high, it often means that buyers are eager and confident, leading to more competition for properties. On the other hand, lower sales volumes can indicate that buyers are more cautious, or there might not be as many properties that they're interested in.
Property Prices: Generally, high sales volumes can push property prices up, as more buyers compete for available properties. Conversely, when sales volumes are low, prices might stabilize or even decrease, as sellers might be more willing to negotiate to make a sale.
Market Trends: Tracking changes in sales volumes over time can give clues about where the market is heading. For example, consistently increasing sales volumes might signal a growing market, while decreasing volumes could suggest a cooling down.
Understanding monthly sales volumes can help you gauge the overall health and direction of the property market, whether you're looking to buy, sell, or invest.
Median Days on Market
Brisbane’s median days on market is currently 20 days, which is a sign of a highly competitive market.
Brisbane is outperforming the national average and combined capitals.
If you’re looking to buy property in Brisbane, you’ll need to move quickly, or you risk missing out.
Median days on market – 3 months to August 2024
The 'median days on market' is a real estate term that refers to the average time it takes for properties to be sold after being listed. As a buyer, understanding this metric can be quite beneficial. Here's how it affects you:
Market Pace: A lower median days on market indicates a fast-moving market. Properties are being snapped up quickly, which means you might need to make decisions faster and be prepared with financing in advance.
Competition Level: Shorter days on market often mean higher competition. You're likely to face more buyers interested in the same properties, which can lead to bidding wars and potentially higher prices.
Negotiation Power: In a market with longer median days on market, you might have more negotiation power. Sellers whose properties have been listed for a while may be more willing to negotiate on price or terms.
Market Health Indicator: This metric helps gauge the overall health of the property market. A steadily decreasing median days on market can indicate a growing, robust market, while an increase might suggest a cooling market.
Strategy Planning: Knowing the median days on market helps in planning your buying strategy. In a fast-paced market, you might need to act quickly and have fewer contingencies, whereas in a slower market, you can take more time to make decisions and negotiate.
Understanding the median days on market gives you a clearer picture of the current market dynamics, helping you to tailor your approach to property hunting accordingly.
Vendor Discounting
Brisbane’s vendor discounting rate is lower than the National and Combined Capital average.
This means that properties in Brisbane are selling closer to their asking prices. In other words, sellers don’t really need to negotiate on price.
If you’re looking to buy, expect a competitive environment with less wiggle room on prices.
Median vendor discount – 3 months to August 2024
Vendor discounting is a term used in the real estate market to describe the difference between a property's original listing price and the final sale price. It's an important concept for both buyers and sellers to understand. Here's a breakdown of what it means:
Price Adjustments: If a property is listed at a certain price but sells for less, the difference is known as vendor discounting. It reflects how much the seller had to reduce the price to make the sale.
Market Indicator: High levels of vendor discounting can indicate a buyer's market, where buyers have more negotiating power and sellers may need to lower their prices to attract interest. Conversely, low levels of discounting can signal a seller's market, where demand is high and properties sell close to or even above the asking price.
Negotiation Insights: Understanding vendor discounting can give buyers an idea of how much room there might be to negotiate on price. In markets with high discounting rates, buyers might feel more confident in making lower offers.
Seller Expectations: For sellers, vendor discounting can help set realistic expectations about the selling price. Knowing the average discounting rate in their area can guide them in setting a competitive listing price.
Market Trends: Changes in vendor discounting rates over time can provide insights into market trends, helping both buyers and sellers make informed decisions.
In summary, vendor discounting is a key metric that reflects the negotiation dynamics in the property market, offering valuable insights into current market conditions and trends.
5 Suburbs to Watch in 2024
As Brisbane’s property market continues to evolve, certain suburbs stand out as areas to watch in 2024. These suburbs, identified by various sources, offer unique opportunities for growth, investment, and lifestyle. Here are five Brisbane suburbs that are expected to make significant strides in the coming year.
Murrumba Downs
Located in the northern growth corridor of Brisbane, Murrumba Downs could emerge as one of the up-and-coming suburbs of 2024. With a median house price of $755,727 (up 18% over the past year) and median unit price of $481,974 (also up 18%), it offers both affordability and impressive value growth in a family-friendly locale.
Just a 25-minute drive from Brisbane CBD, Murrumba Downs appeals to first home buyers thanks to land availability and home/townhouse development opportunities. New infrastructure like the $1.2 billion Moreton Connector which will improve access to the area adds to the investment appeal.
Meanwhile amenities like schools, shops, parks and transport ensure livability for residents. And major employers nearby in logistics, healthcare and education provide local job opportunities.
With Brisbane’s increasing unaffordability in many near-city suburbs, outer growth areas like Murrumba Downs offer relative bargains for buyers being priced out elsewhere. Yet the area still delivers good owner-occupier and investor upside based on infrastructure upgrades and population expansion in Brisbane’s northern corridor. For these reasons, Murrumba Downs shapes up as a suburb to watch in 2024.
Clontarf
Situated just 15km northeast of Brisbane’s CBD, the bayside suburb of Clontarf looks poised for an impressive 2024 based on its latest home price growth trends.
With median house prices already exceeding $888,000 (up nearly 24% last year) and median units also surpassing $793,000 (up almost 22%), this family-oriented locale clearly offers coveted lifestyle attributes.
Nestled between the waterfront and beachside suburbs of Brighton and Redcliffe, Clontarf provides a slightly more affordable entry point to Brisbane’s coastal corridors that still delivers investors and residents blue-chip amenities.
Excellent schools, retail options, public transport and recreation facilities service the area.
And major infrastructure upgrades to the nearby Hornibrook Highway corridor continue increasing accessibility and economic activity in Clontarf’s vicinity.
With its activity centres, employment nodes, marina precincts and village vibes, Clontarf gives homeowners peaceful community feels near the water while remaining commutable to Brisbane for work.
Continued development in the broader Moreton Bay region should keep demand for Clontarf properties elevated into 2024 after last year’s exceptional growth.
Woolloongabba
The inner-city suburb of Woolloongabba epitomizes Brisbane’s property market resurgence in 2023. With median houses prices now exceeding $2 million (up over 24% in the past year) and median units approaching $1.2 million (up 6.9%), this once predominantly industrial area has transformed into one of Brisbane’s most sought-after urban neighborhoods.
Located just 2kms from the CBD and anchored by the Gabba cricket ground, the “Gabba” suburb is at the epicenter of Brisbane’s 2032 Olympic development zone. Billions in infrastructure, venue upgrades and transport improvements are propelling a wave of renewal. This Olympic facelift will reshape Woolloongabba over the next decade.
The area has also become a foodie hotspot and nightlife destination despite ongoing gentrification. Investors and homeowners alike are capitalizing on the conveniently located suburb as Brisbane’s popularity increases. With access, amenities, employment and entertainment at its doorstep, Woolloongabba sits poised to deliver exceptional growth through Brisbane’s next chapter.
Deception Bay
One of Brisbane’s top growth suburbs of 2023, Deception Bay looks set to continue surging in 2024. Located in the Moreton Bay region about 35km north of Brisbane, this suburb saw exceptional median house price growth last year, skyrocketing over 225% to reach $692,184. Units rose a more modest 10% to $424,117.
This hitherto overlooked suburb is transforming thanks to major infrastructure connectivity via the new Moreton Connector toll road project, which will significantly improve accessibility. New residential developments are also revitalizing the area and drawing buyer interest.
Meanwhile, Deception Bay maintains affordability compared to many near-city suburbs, while delivering on livability with a quality mix of local schools, parks, services and facilities on offer for families. Proximity to both beaches and Brisbane adds to its popularity.
With exceptional growth already achieved in 2023, Deception Bay still seems undervalued and poised to prosper further as infrastructure unlocks economic potential for this revitalizing locale. Investors and homebuyers should keep close watch for emerging opportunities.
Redcliffe
Boasting median house prices exceeding $1.25 million (up an impressive 32% last year) and median unit prices over $800,000, the bayside suburb of Redcliffe has emerged as one of Brisbane’s standout performers.
Just 30kms northeast of Brisbane’s CBD, Redcliffe offers a mix of sea and city convenience, making it a magnet for homeowners and investors even at premium price points. Excellent infrastructure like the nearby Redcliffe Peninsula railway line and numerous development projects continue transforming this once-quiet locale into one of Queensland’s most dynamic waterfront communities.
With the geographic constraints of Moreton Bay on one side and urban boundaries on the others, Redcliffe has limited land available as buyer demand accelerates. Meanwhile amenities like schools, retail, healthcare and recreation already rival many metro areas. These factors should keep property appreciation humming in Redcliffe through 2024.
The one downside may be unit oversupply, with apartments only rising 3.2% last year. But houses show no signs of slowing as Brisbane’s foremost coastal suburb for those seeking sand and city in one location.
Top 5 Growth Suburbs in Brisbane
This statistic is based on the last 10 years of performance.
- Grange – 139.9%
- Camp Hill – 136.8%
- Kalinga – 132.5%
- Wishart – 126.2%
- New Farm – 125.3%
All of these areas are what would be considered almost bluechip locations.
Top 5 Crime Suburbs in Brisbane
What’s interesting is that the areas where crime has been identified as being the highest quite often areas where there’s higher density development. So areas with a lot of high density units. Here is the list of the top crime suburbs in Brisbane.
- Chermside is currently in top position
- Upper Mount Gravatt
- Woollongabba
- Inala
- West End
Something to note is that because there are a lot more people in smaller area, the volume of crimes in these locations tend to be higher. If we were looking at crime per capita these numbers would be different.
These crime statistics don’t necessarily impact price but you do need to be aware of them. For example if you’re a single female looking to buy your first home you just need to be aware of the neighborhood that you’re buying into. There are going to be some locations where crime will impact on desirability. So that’s something that you need to be aware of as a buyer. But as we said in areas where there’s high density it is expected that there’s going to be higher crime rates simply because there’s a higher concentration of people in a smaller space.
Factors Affecting Supply and Demand in the Brisbane Property Market
Property prices are ultimately driven by one simple thing: supply and demand.
The number of properties listed for sale is the supply side.
The number of people willing to buy those properties is the demand side.
If there are more properties for sale, and fewer interested buyers, then prices will decrease.
If there are more interested buyers, and not enough properties for them to buy, then prices will increase.
Here are the main factors that affect supply and demand in Brisbane’s property market:
Current Construction Activity
Brisbane’s construction landscape is bustling with significant projects that are set to transform the city. Major developments include the $1.7 billion Brisbane Metro project, with services expected to run from 2024, and the Kangaroo Point Green Bridge, slated for completion in late 2024. These infrastructure projects are crucial in shaping the city’s future and potentially influencing the property market by improving connectivity and accessibility. Source: BEDA
Developer Activity
Developer activity in Brisbane is focused on high-performing areas, particularly inner and middle-ring suburbs. This activity is expected to influence the property market significantly, with a focus on creating housing that meets the growing demand in these desirable locations.
Interest Rates
As of 2024, interest rates in Australia are a critical factor to watch. ANZ predicts rates to remain stable at the current 4.35% through 2024, with a potential 25 basis points rate cut later in the year. This stability in interest rates could influence buyer affordability and impact the property market demand. Source: Forbes
Government Policies
Government policies impacting the Brisbane property market in 2024 include various measures introduced in the 2023-24 Federal Budget. These policies are expected to have a positive impact on the real estate market.
Migration Trends
Migration trends significantly impact Brisbane’s property market. Queensland has been attracting a large number of interstate movers, with net migration figures being notably high. This influx of population is a key driver for housing demand in Brisbane, influencing both the rental and purchase markets.
In summary, Brisbane’s property market in 2024 is being shaped by ongoing construction and development projects, stable interest rates, government policies, and significant migration trends. These factors collectively influence the supply and demand dynamics in the market, with implications for both buyers and sellers.
Key Infrastructure Developments in Brisbane
Brisbane is currently experiencing what has been described as a “once in a generation” infrastructure boom. There are currently billions of dollars of major infrastructure projects either underway, or well into the planning stages.
Infrastructure developments have a twofold effect on housing demand. In the short term, they provide employment opportunities and attract migration, both interstate migration and international migration.
In the long term, these infrastructure improvements improve transportation options, lifestyle options, employment opportunities, and tourism offerings.
The new Brisbane airport runway and the redevelopment of Howard Smith Wharves (both completed) are just the beginning.
Some of the major infrastructure offerings currently in the works include the Cross River Rail, Brisbane Metro, Queen’s Wharf, Brisbane Live, Victoria Park, Waterfront Precinct, Herston Quarter, International Cruise Terminal, and West Village.
Here’s a brief overview of the other infrastructure projects currently in the works:
The Cross River Rail will bring 4 new stations at Albert St, Boggo Rd, Woolloongabba, and Roma St, plus upgrades to existing stations including Exhibition Station in Herston.
Access to public transport is a key driver of property prices, so this development will likely see an uptick in demand for the following suburbs:
- Salisbury
- Rocklea
- Moorooka
- Yeerongpilly
'- Yeronga
- Fairfield
According to the government, the project will generate about 1500 jobs each year and up to 3000 jobs in the most intensive year of construction. The project will also generate 450 new apprentice and traineeship opportunities.
Originally planned to be a high-frequency subway, the Brisbane Metro is an electric busway system that will drastically improve public transport services in Brisbane.
The Brisbane Metro will have two lines. Line 1 will run from Eight Mile Plains to Roma Street. Line 2 will run from the Royal Brisbane and Women's Hospital in Herston to the University of QLD in St. Lucia.
There are plans to extend the Metro to Chermside and Carindale in the future.
The Brisbane Metro will share interchanges at Boggo Rd and Roma Street, further expanding the utility of this new service. It is expected to start service by the end of 2023.
The following suburbs will benefit from this new infrastructure development:
- Eight Mile Plains
- Upper Mt. Gravatt
- Mt. Gravatt
- Nathan
- Holland Park
- Holland Park West
- Greenslopes
- Buranda
- Woolloongabba
- West End
- South Bank
- Kelvin Grove
- Red Hill
- Herston
- Dutton Park
- St. Lucia
This project is set to create 2600 Jobs.
Brisbane Live is a $2 billion redevelopment that will replace the old transit centre at Roma Street. This multi-purpose arena has a proposed 17,000 to 18,000 seat capacity and will provide a new hub for sporting, music, and arts events in Brisbane.
There will be retail spaces as well as a "Sky Lounge" that can operate as a function area when there are no events taking place.
Suburbs near to Roma Street should see increased demand once the project is complete, and Brisbane as a whole will benefit from having a major event centre so close to the CBD.
Covering more than 26 hectares across the Brisbane waterfront and the river, Queen's Wharf is a $3.6 billion dollar integrated resort development that will be a major boost to the Brisbane city culture scene.
The development is already underway and will contain four integrated resort towers with luxury hotels, residence apartments, restaurants, cafes, bars, retail shops, a casino and a Sky Deck.
Development is scheduled to be finished this year.
The Victoria Park golf course was closed in June 2021 to make way for Brisbane's biggest new park in 50 years. This project will create 45 hectares of public parkland space, more than double the size of the Botanical Gardens.
While golf aficionados are probably mourning the loss, this park will provide some much needed green space and should boost demand in nearby suburbs.
Waterfront Brisbane is another project that is set to transform the Brisbane waterfront as part of the Brisbane City Council City Reach Waterfront Master Plan.
This $2.1 billion project will redevelop Eagle Street Pier, opening up 7,900 square metres of space and improving linkages from the city to the river for pedestrians and cyclists. The old Eagle Street Pier building will be demolished. In its place, there will be two new towers which allow better access to the river and its views.
This project is set to create 1000 jobs in the next 10 years.
Connecting City Reach to the Kangaroo Point Peninsula, this proposed green bridge will dramatically improve access to and along the waterfront. This is another key project to deliver on the City Reach Waterfront Master Plan.
As part of the Cross River Rail project, the area around the Wooloongabba station is set for a major renewal. The plan is to create a "Station-to-Stadium" connection that will link the new station to the famous Gabba stadium, which will also receive a major overhaul as part of this project.
The precinct is slated to be a vibrant mixed-use hub, linking commercial, residential and retail development with access to world-class public transport and one of Australia's most iconic sports stadiums.
The Port of Brisbane has a new international cruise terminal in development, designed to cater for the biggest cruise ships in the world. While cruises aren't running at the moment, when they do start sailing again, this new terminal should increase tourism in Brisbane, which will bring in more jobs.
Redevelopment of the 5-hectare site for the Herston Quarter began in March 2017. This $1.1 billion project is located within the Herston Health Precinct and is proposed to be a mixed-use community which will cater for health, residential, commercial and retail development.
The West Village project is rejuvenating an industrial area in West End, with the aim of bringing more public green space and retail opportunities to the community. Stages 1 and 2 are already complete.
Approved in 2021, the Lamington Markets is a new retail precinct that will aim to bring food, living, commercial and public transport facilities together into one impressive whole. It will boast one of the city's largest indoor-market halls, an urban rooftop garden and restaurant, a craft brewery, a boutique cinema, commercial spaces and two towers of residential apartments.
Once complete, this development should be a major drawcard and should benefit its host suburb Lutwyche along with surrounding areas.
As you can see, there are billions of dollars worth of infrastructure projects that are either underway or in planning. They will have a direct positive impact on the liveability and growth potential of their host suburbs and the surrounding areas.
Ready to Buy? Here are Your Next Steps
If you’re feeling motivated to get into Brisbane’s rebounding property market but aren’t quite sure how to start, the expert team at Hunter Galloway can guide you.
As an award-winning mortgage broker dedicated to helping Australians realise their property ownership dreams for over 10 years, Hunter Galloway has the knowledge and experience to provide advice tailored to your situation.
Our team of finance specialists offer services like:
- Free custom property valuation to access accurate estimates in your area of interest
- Assessment of current market conditions to determine optimal locales and property types to target
- Review of your borrowing capacity so you buy within responsible means
- Access to exclusive mortgage deals from their extensive industry network
- Guidance negotiating the conveyancing, loan approval and administrative processes
Whether you’re a first home buyer looking to get on the ladder, an investor seeking to leverage equity, or upgrading your residence – Hunter Galloway can help make it happen.
Reach out for a free, no obligation consultation today:
- Call: 1300 088 865
- Contact us for a free assessment
Let the friendly local experts at Hunter Galloway provide a helping hand to navigate Brisbane’s strengthening property market. They’ll set you on the right path to ownership success!
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