Brisbane’s Property Market Poised for Continued Growth in 2024

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As Brisbane enters another year, the property market shows no signs of slowing down, with experts and analysts predicting continued strength and growth. Michael Yardney, a noted authority on real estate, provides a comprehensive outlook for Brisbane’s property market in 2024, emphasizing the city’s remarkable resilience and potential for further growth.

“Brisbane continues to be one of Australia’s strongest capital city housing markets,” Yardney points out, highlighting the city’s impressive 53.5% price growth since the onset of COVID-19. This surge has not only pushed Brisbane’s median home value above Melbourne’s but also positioned the city at a new peak in price.

Despite challenges such as rising prices and a slowdown in construction affecting the supply of new housing, the Brisbane property market is expected to keep steaming ahead in 2024. This optimism is buoyed by increased buyer and seller confidence, partly due to anticipated rate cuts that could enhance borrowing capacities.

The rental market in Brisbane remains tight, with Dr. Andrew Wilson reporting near record-low vacancy rates for houses and units. The demand for rental properties continues to soar due to a significant influx of people moving to Brisbane for job opportunities and a high quality of life, exacerbated by a surge in migration.

Yardney identifies key trends for Brisbane’s housing market in 2024, including strong demand for detached houses in inner and middle ring suburbs and lifestyle areas, likely outperforming cheaper properties in outer suburbs. The demand for apartments remains softer, with Queenslanders increasingly turning to townhouses in Brisbane’s inner suburbs.

Another driver of Brisbane’s property market is the strong emphasis on livability, including proximity to parks, shops, amenities, and good schools, as well as access to jobs and public transport. School zones, in particular, are becoming a significant factor in property decision-making processes.

Brisbane’s population and migration growth play a crucial role in the robustness of its property market. The city has benefited from a huge influx of internal migrants, particularly from Victoria and NSW, in search of more affordable property in lifestyle suburbs. This trend is expected to continue, with Queensland’s population projected to grow significantly in the coming decades, especially in the Greater Brisbane area.

Yardney concludes by highlighting Brisbane’s strong underlying fundamentals, including its position as the best-performing state economy in January 2023, driven by strong population growth, a solid job market, and demand for energy resources. This economic strength, coupled with the city’s relative affordability and the upcoming 2032 Olympics, positions Brisbane’s property market for continued growth and success.

In conclusion, Brisbane’s property market is set for a prosperous 2024, driven by strong demand, limited supply, and significant population growth. As Yardney aptly notes, “While some properties overperform, others underperform,” suggesting a nuanced market where strategic investment and location choice are key. With expert forecasts ranging from a 3-10% price rise, Brisbane remains a vibrant and promising market for investors and homebuyers alike.

References:

https://propertyupdate.com.au/whats-ahead-brisbanes-property-market/