Brisbane Property Market – Prices, Trends, Forecast [December 2024]

Brisbane’s property market remains a top performer among capital cities, though the pace of growth has slowed. In November, dwelling values increased by 0.6%, bringing quarterly growth to 1.8%, the slowest since March 2023. The annual growth rate stands at a robust 12.1%, with the median dwelling value now at $886,540.

Brisbane Property Price Growth

Brisbane continues to outperform most other capitals in both house and unit growth. Houses saw steady increases, while unit values rose by 2.7% over the quarter, highlighting strong demand for more affordable housing options.

CoreLogic Home Value Index

CoreLogic Home Value Index, Released on December 1, 2024

Brisbane Property Market Trends

Demand: Brisbane remains a desirable market due to its affordability relative to Sydney and Melbourne, attracting interstate and first-time buyers.

Stock Levels: Vendor activity has increased, with advertised listings rising. However, demand still outpaces supply, helping to maintain price stability.

Shift to Units: With rising house prices, buyers are increasingly turning to units, driving stronger growth in this segment.

Summary of housing values since the onset of COVID in March 2020 and relative to peak levels (onset of COVID calculated from March 2020).

Brisbane Property Market Forecast

While growth is slowing, Brisbane is expected to remain resilient due to its relative affordability and strong population growth. However, the slowing national property cycle and affordability challenges could temper future gains.

The Reserve Bank of Australia’s ongoing adjustments to interest rates will likely play a crucial role in shaping market dynamics, as higher borrowing costs limit purchasing power for many buyers.

Here are some of the most recent forecasts by the big-4 banks in Australia:

• ANZ predicts a 5-6% increase in capital city property prices in 2024, with Brisbane expected to see the highest rise at 9-10%, Perth property values could go up by 1-11%, Sydney by 4-5%, and Melbourne prices by 2-3%.
• CBA forecasts a 5% rise in capital city prices, with some variations: Brisbane is anticipated to grow by 6%, Melbourne and Perth by 5%, Sydney by 4%, and Adelaide by 1%.
• NAB projects a 5.4% average increase across the capitals, with Brisbane expected to see a 6.5% rise, Perth and Adelaide by 6.2%, Melbourne by 5.5%, Sydney by 5%, and Hobart remaining flat.
• Westpac expects a 6% growth across the combined capitals, with Perth leading at 10%, followed by Brisbane at 8%, Sydney at 6%, Adelaide at 4%, and Melbourne at 3%

Oxford Economics recently released property forecasts predicting where house prices will be in three years.

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Conclusion for Homeowners

Brisbane’s market is cooling slightly but remains strong compared to other capitals. Sellers may find opportunities to capitalize on current demand, particularly in the unit market, where growth is outpacing other housing types. Buyers should act strategically, as affordability may tighten in 2025.

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