South East Queensland and Brisbane Property Market Wrap-Up 2024
Welcome to our last blog of 2024! Today we’re looking back at South East Queensland’s property market of 2024, focusing on Brisbane in particular.
Brisbane's property market continues to demonstrate remarkable resilience and growth, cementing its position as one of Australia's strongest performing capital cities. Let's dive into the key trends shaping this dynamic market.
The Brisbane housing market has experienced an extraordinary transformation since the Covid-19, recording an impressive 64% price growth. This surge has propelled Brisbane's median home values to unprecedented levels, even surpassing Melbourne - a milestone that marks a significant shift in Australia's property landscape.
Current Market Snapshot
As of December 2024, Brisbane's property metrics tell a compelling story:
All dwellings median price: $886,540
Houses median price: $974,396
Units median price: $677,810
Regional Queensland dwellings: $687,553
The market continues to show strong annual growth, with overall dwelling values sitting 12.1% higher than November 2023 levels.
Market Dynamics and Trends
Several key factors are driving Brisbane's property market:
Strong Inner-City and Middle Ring Performance: The market is seeing particular strength in inner and middle ring suburbs, especially for detached houses. These areas, along with lifestyle locations, are expected to outperform outer suburban regions.
Evolving Housing Preferences: An interesting trend is emerging in the townhouse market, with more Queenslanders gravitating toward this housing type in Brisbane's inner suburbs. While apartment demand remains relatively softer, this shift in housing preferences indicates a changing urban landscape.
Rental Market Challenges: Brisbane isn't immune to the nationwide rental crisis, experiencing historically low vacancy rates and significant rent increases. This situation continues to impact both tenants and investors in the market.
Looking Ahead to 2025
Despite a slight moderation in price growth due to increased stock levels during spring 2024, Brisbane's property market fundamentals remain strong. The combination of strategic location, lifestyle appeal, and relative affordability compared to other major capitals suggests continued growth potential into 2025.
The market's resilience and sustained growth trajectory make Brisbane an increasingly attractive option for both investors and homeowners looking for long-term value appreciation. The Brisbane property market is expected have a more moderate pace of growth as the market adapts to affordability constraints in the first half of 2025, however later in 2025 there is projected resurgence in activity, triggered by anticipated interest rate reductions that will boost both buyer and seller confidence
Despite increased property listings, several factors continue to drive market momentum:
Construction slowdown limiting new housing supply
Concentrated buyer demand for existing properties
Active participation from strategic investors and homebuyers looking to upgrade
An interesting trend has emerged in the market's lower price segments:
Properties in Brisbane's bottom quartile have shown remarkable resilience
Prices in this segment are now 30% above their 2022 peak
This trend indicates strong demand across various market segments
Despite affordability challenges and increased listing volumes, Brisbane's property market shows no signs of significant slowdown. The combination of limited new construction, strategic buyer activity, and strong performance in affordable segments suggests continued market strength through 2025.
If you have any questions about Brisbane, Gold Coast or South East Queensland property market, or about your property in particular, contact us today and we’ll guide you on your property journey.