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According to recent reports, the Brisbane property market is expected to continue its upward trajectory in 2024. The housing market, in particular, has experienced a staggering 52% price growth since the onset of the COVID-19 pandemic, reaching a new peak.
Despite the impressive growth, property sellers are cautious in 2024, with new listings in Brisbane 17.8% lower than the previous five-year average. However, strategic investors and homebuyers actively seek opportunities to upgrade, indicating ongoing market activity.
Rental Market Challenges
Brisbane’s rental market faces historically low vacancy rates and soaring rents. Vacancy rates for houses and units stand at 0.9% and 1.0%, respectively, contributing to a 9.3% and 24.8% annual rent rise. The high demand for rental properties, driven by a migration surge, poses difficulties for tenants seeking affordable housing.
2024 Market Projections
ANZ Bank forecasts a substantial 9.0%-10.0% property price increase in Brisbane for 2024. The city’s property market is experiencing a dichotomy, with strong demand for detached houses in inner and middle-ring suburbs and lifestyle areas. Conversely, the demand for apartments remains softer, prompting a shift towards townhouses in the inner suburbs.
High-income households, less affected by living costs, are major contributors to housing demand. However, segments likely to underperform include apartments, blue-collar areas, and new housing estates facing financial strain and potential unemployment.
Liveability and Growth Factors
Liveability factors, including proximity to amenities, good schools, public transport, and job access, drive property demand. School zones, in particular, influence decision-making, highlighting the importance of education in the property selection process.
The influx of internal migrants, drawn by Queensland’s affordability and lifestyle, has played a pivotal role in the state’s robust property market. With population growth expected to continue, Queensland’s population may reach 8.27 million by 2046, fuelled by net overseas and interstate migration.
Queensland’s economic strength, marked by significant population growth, job market stability, and energy resource demand, made it the best-performing state economy in January 2023.
Various forecasts predict property price rises in Brisbane for 2024:
- ANZ: 9%-10%
- CBA: 6%
- NAB: 6.5%
- Westpac: 8%
- PropTrack: 3%-6%
These projections suggest continued growth, driven by strong population growth and limited housing supply, especially in desirable areas near the CBD and sought-after school catchment zones.
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