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

Brisbane continues to show strong performance, with dwelling values increasing by 0.7% in October 2024. The city has recorded significant gains throughout the year, maintaining its status as one of the top-performing capital cities.

Brisbane Property Price Growth

Over the past 12 months, Brisbane’s housing market experienced a 13.0% increase in values, showcasing solid annual growth. The median dwelling value now stands at $883,357, highlighting the city’s robust market conditions compared to other capitals.

CoreLogic Home Value Index

CoreLogic Home Value Index, Released on November 1, 2024

Brisbane Property Market Trends

Brisbane has been a standout due to its attractive affordability relative to other major cities and strong population growth. However, stock levels remain more than 20% below the five-year average, favoring sellers and contributing to the upward pressure on prices. The market’s momentum is beginning to ease, with slower monthly growth compared to earlier in the year.

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 Brisbane’s property market is expected to maintain positive growth, the pace may continue to moderate due to broader economic conditions such as higher interest rates and affordability constraints. The combination of these factors could temper future gains as the market stabilizes.

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 remains a lucrative market for homeowners and sellers, but the growth rate is beginning to show signs of slowing. Homeowners should stay informed about economic shifts and local supply changes that could impact property values moving forward.

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