Brisbane Property Market 2024: Insights & Projections

The Brisbane property market continues to stand out as one of Australia’s strongest capital city housing markets in 2024. With dwelling values soaring by 55.2% since the onset of COVID-19, Brisbane has reached unprecedented price peaks. However, alongside this growth comes challenges, particularly in the rental market, where historically low vacancy rates and skyrocketing rents present a crisis situation. Let's dive into the key insights and projections shaping Brisbane's real estate landscape for the year ahead.

Rental Crisis and Housing Market Dynamics

Brisbane, like many other parts of Australia, faces a rental crisis. The city's vacancy rates for houses stand at a mere 0.9%, accompanied by a staggering 9.3% increase in rents over the past year. Similarly, unit vacancy rates are at 1.0%, with rents rising by 24.8%. This surge in demand for rental properties is attributed to significant investment in recent years and an influx of people moving to Brisbane for job opportunities and a high quality of life.

ANZ Bank Forecast and Market Overview

Despite the challenges in the rental market, Brisbane's property market is expected to continue its upward trajectory in 2024. ANZ Bank forecasts a substantial 9-10% increase in property prices, driven by strong demand for detached houses in inner and middle ring suburbs. Limited construction activity has further concentrated demand on existing properties, contributing to rising prices. Buyer and seller confidence have increased, fueled by the possibility of rate cuts boosting borrowing capacity.

Population Growth and Economic Strength

Brisbane's property market is buoyed by robust population growth, particularly from internal migration. Queensland recorded a population growth rate of 2.6% in the 12 months to June 2023, outpacing the national average. This influx of residents, coupled with a solid job market and overseas demand for energy resources, has propelled Queensland's economy to the top spot among Australian states in terms of growth. Furthermore, major infrastructure projects, including those related to the upcoming 2032 Olympics hosted by Brisbane, are set to further bolster the city's property market.

Expert Forecasts and Investment Opportunities

Investors and homebuyers eyeing Brisbane's property market in 2024 can expect further appreciation in property values. Expert forecasts from various institutions project price rises ranging from 6% to 10%, indicating a favourable outlook for property investment. Despite disparities across submarkets, properties in prime locations, particularly freestanding houses within close proximity to the CBD or in sought-after school catchment zones, are expected to outperform. The emphasis on livability and access to amenities underscores the importance of location in driving property demand and value.

In conclusion, Brisbane's property market presents promising opportunities in 2024, underpinned by strong population growth, economic resilience, and infrastructure development. While challenges such as the rental crisis persist, strategic investors and homebuyers can capitalise on the city's thriving real estate sector. With expert forecasts pointing towards continued appreciation in property values, Brisbane remains an attractive destination for property investment and growth. Get in touch with us today, to help you find a property of your dreams.