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

Brisbane’s property market has continued its strong performance in 2024, with consistent growth in home values despite broader national trends of cooling. The city remains one of the top performers among Australian capitals, benefiting from high demand and relatively affordable housing compared to Sydney and Melbourne.

Brisbane Property Price Growth

In August 2024, Brisbane’s home values increased by 1.1%, contributing to an impressive quarterly growth of 2.9% and an annual growth rate of 15.0%. The median dwelling value in Brisbane now stands at $875,040, reflecting the ongoing strength of the market.

CoreLogic Home Value Index

Brisbane Property Market Trends

Brisbane has seen robust demand across both houses and units, driven by population growth and migration from other states, particularly from those seeking more affordable housing options. The city’s market is characterized by higher-than-average demand in suburban areas, with significant value increases in regions such as Springwood-Kingston and Forest Lake-Oxley, which recorded annual growth rates of 25.5% and 20.6%, respectively.

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

Top 10 Greater Brisbane SA3’s with highest 12-month value growth – Dwellings

Top 10 Regional QLD SA3’s with highest 12-month value growth – Dwellings

Brisbane Property Market Forecast

While Brisbane’s market remains strong, the pace of growth is expected to moderate slightly as affordability constraints begin to weigh on buyers. However, continued interstate migration and ongoing demand for housing are likely to support price growth in the short to medium term. The city is expected to remain a favorable market for both investors and homebuyers, particularly in the more affordable segments.

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.

Conclusion for Homeowners

Brisbane’s property market is set to continue its upward trajectory, although at a slower pace than in the past year. The city’s strong fundamentals, including high demand and relative affordability, will likely sustain its position as a key growth market in Australia. Homeowners and investors can expect continued, though more measured, value increases moving forward.

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