Brisbane’s property market forecast for 2024
It's no secret that Brisbane was one of the strongest property markets during the boom of 2020-21, and everyone is eagerly looking to find out how things will shift in 2024.
Brisbane is predicted to be one of the strongest housing markets in 2024 with firm indications that Brisbane property values and rents will keep rising strongly in 2024.
Hosting the 2032 Olympics will ensure that Brisbane is put on the global map, and it has unique lifestyle and economic benefits that will attract overseas migrants as well as plentiful jobs for highly paid knowledge workers.
Federal government forecasts suggest that Queensland’s population is expected to grow by more than 16 per cent by the time Brisbane hosts the Olympic Games in 2032.
Key Takeaways from the Brisbane Property Market Update 2024:
Continued Growth in Dwelling Values: Brisbane continues to be one of Australia’s strongest capital city housing markets, with dwelling values continuing to soar. Since the onset of COVID-19, Brisbane's housing market has experienced a remarkable 52% price growth, reaching new peaks in pricing.
Rental Market Challenges: Like everywhere else in the country, Brisbane’s rental market is facing challenges with historically low vacancy rates and skyrocketing rents. Vacancy rates for both houses and units remain near record lows, exacerbating affordability issues for renters.
Demand for Detached Houses and Lifestyle Areas: There is a strong demand for detached houses in Brisbane, particularly in the inner and middle ring suburbs, as well as outstanding demand for lifestyle areas. These locations are likely to outperform cheaper properties in outer suburbs.
Shift towards Townhouses: While demand for apartments may remain softer, more Queenslanders are turning to townhouses in Brisbane's inner suburbs as a preferred style of accommodation.
Price Forecast: ANZ Bank forecasts a 9-10% property price rise in Brisbane in 2024, indicating continued growth and stability in the market.
Low Listings and High Demand: Brisbane’s listings are low, with fewer properties being listed for sale compared to the previous five-year average. However, strategic investors and homebuyers are actively looking to upgrade, contributing to continued demand.
Rental Market Tightness: Brisbane’s rental markets remain exceptionally tight, with both houses and units experiencing low vacancy rates and rising rents, posing challenges for tenants.
Demand Drivers: High-income households are driving much of the demand in the housing market, benefiting from accumulated savings during COVID-19. Additionally, school zones play a significant role in property decision-making, further driving demand in certain areas.
Migration and Population Growth: Queensland’s property market has been robust due to a surge in internal migration, particularly from Victoria and NSW. The state has experienced strong population growth, driven by both net overseas migration and net interstate migration.
In conclusion, the Brisbane property market is poised to remain strong throughout 2024, with continued growth in dwelling values and rental prices. While challenges exist, such as low listings and high demand, strategic investors and homebuyers can capitalise on the city's unique lifestyle offerings and economic opportunities. As Brisbane prepares to host the 2032 Olympics, the city's property market is set to attract even more attention and investment on both national and global scales. Connect with us a committed property buyers agent