Brisbane Property Market 2024 Predictions: Trends and Projections

February 8, 2024

Key takeaways:

    • Brisbane’s property market is undergoing significant growth due to interstate migration, major infrastructure projects including transport developments and the 2032 Olympics, and a robust economy reflected in strong jobs growth.

    • Affordability, lifestyle appeal, and investment potential due to the upcoming 2032 Olympics are key driving forces behind Brisbane’s housing demand, despite the city being rated as ‘severely unaffordable’.

    • Rental market conditions in Brisbane are strongly in favor of landlords, with low vacancy rates and historically high asking rents indicating a resilient and high-demand market going into 2024.

What will the Brisbane property market look like in 2024? From price changes to emerging hotspots, we’ve analysed patterns and projections to give you grounded predictions for the next year.

Whether you’re investing or buying, get ahead with our overview of the key factors shaping Brisbane’s real estate future, providing the information you need without the jargon or hyperbole.

Check out what experts are saying about Brisbane property market 2024 predictions and stay informed on the latest trends and opportunities.

Brisbane’s 2024 Property Market Forecast

Brisbane’s property market continues to soar, demonstrating a resilient uptrend as Brisbane property prices rose by a remarkable 9.1% since hitting their lowest point in Q3 2022.

This trend isn’t a fluke – it’s a result of several key factors. These factors include:

  • Interstate migration
  • Major infrastructure projects
  • The upcoming 2032 Olympics
  • A robust economy

All of these factors contributing to the rising Brisbane house prices.

Brisbane is more than growing; it is flourishing. The city undergoes a population surge, with Queensland earning the title of the fastest-growing state in Australia, predominantly due to the interstate migration from New South Wales and Victoria.

“This population growth is putting pressure on the property market, leading to increased housing demand and potentially higher property values.”

Yet, it isn’t merely Brisbane’s population that’s expanding. The city is undergoing a transformation due to infrastructure developments. Projects like the Cross River Rail and Brisbane Metro are set to improve connectivity and decrease travel times, which could boost property values, particularly in suburbs near the new metro stations.

Add to that the upcoming 2032 Olympic Games, which are driving substantial infrastructure development, and you’ve got a recipe for property growth.

From an economic perspective, Brisbane is prospering. The property market has demonstrated resilience and continued to grow despite the rise in interest rates. This can be attributed to Brisbane’s strong jobs growth, which enhances its lifestyle appeal by providing ample employment opportunities.

Population Growth and Migration

The surge of migrants to Brisbane significantly contributes to Queensland’s speedy population growth. In fact, more than 16% of Brisbane’s population is expected to grow by the time the 2032 Olympic Games kick off.

This population surge is increasing the demand for housing, which, in turn, is contributing to a rise in property values.

Infrastructure Developments

Significant infrastructure projects are crucial in molding Brisbane’s property market. The Cross River Rail project, for example, is expected to alleviate traffic congestion and reduce travel times, which could boost demand in suburbs like Woolloongabba and Boggo Road.

The upcoming 2032 Olympic Games are also driving infrastructure development in Brisbane, which is likely to enhance property growth.

These developments are not only altering Brisbane’s landscape but also influencing property prices. Areas such as Annerley are presenting more affordable property options and showing promise for growth due to increased infrastructure and urban development activities.

Economic Trends

Brisbane’s economy is following an upward trend. Projects like Queen’s Wharf and Cross River Rail are expected to bolster the economy, which is predicted to be worth over $217 billion by 2031. The hosting of the 2032 Olympics is also anticipated to underpin strong economic growth in South East Queensland.

These economic trends are boosting Brisbane’s attractiveness as a livable and investable city, fortifying Brisbane’s property market.

Key Drivers of Brisbane’s Housing Demand

Affordable Housing in Brisbane

Three key factors emerge when analyzing the forces propelling Brisbane’s housing demand:

  1. Affordability: Brisbane’s house prices are significantly more affordable compared to the high property prices of Sydney and Melbourne.
  2. Lifestyle: The city offers a desirable lifestyle, attracting interstate migration and overseas migrants, which contributes to the housing demand.
  3. Investment opportunities: Brisbane presents attractive investment opportunities in the real estate market.

Brisbane is also rife with investment opportunities. The city’s rental market is robust, with property values and rents expected to continue rising. The upcoming 2032 Olympics is another factor bolstering Brisbane’s housing market, generating further interest in the city’s property sector.

Affordability – It’s Cheaper Than Sydney and Melbourne

While Brisbane’s housing market is labeled as ‘severely unaffordable’ with a housing affordability ratio score of 7.4, it’s still more affordable compared to Sydney’s ratio score of 13.3 and Melbourne’s at 9.9.

The median house price in Brisbane is considerably more affordable, suggesting a closing window of affordability as demand surges.

This affordability is attracting both buyers and investors, particularly in regions like the Moreton Bay area that offer significant value and appealing affordable housing options.

Lifestyle Factors – Balance Between City and Nature

Brisbane’s lifestyle appeal is a significant pull factor for migrants. The city’s balance between a residential atmosphere and urban accessibility is anticipated to see high demand in the property market in 2024.

Lifestyle changes, such as an increase in remote work, are also driving rental demand. Tenants are increasingly seeking rental properties that offer:

  • Eco-friendly features
  • Sustainable design
  • Energy-efficient appliances
  • Water-saving fixtures

This is indicative of the growing appeal for sustainability and green living in Brisbane.

Investment Opportunities – Students, Infrastructure and Tech

Investment opportunities in Brisbane are abundant, thanks to:

  • the strong demand for rental properties
  • the growth of the housing market
  • the upcoming 2032 Olympics, which is anticipated to boost Brisbane’s property market, raising its international profile and drawing further investment.

Areas near universities and transportation hubs are acknowledged for their high rental yield potential, making them savvy investment choices in Brisbane.

Technological advancements leading to smart homes are shaping tenant preferences, and properties equipped with these features are gaining popularity.

Brisbane’s Suburb Hotspots for 2024

Hotspots for Property Growth in Brisbane

Exploring housing market forecast, certain suburbs like Teneriffe, New Farm, and Hamilton are expected to be hotspots for property growth in 2024, offering a mix of urban accessibility and family-friendly environments.

These areas offer a balance of city proximity and family-friendly atmosphere, making them attractive to residents and investors alike, especially in capital cities.

Inner and Middle Ring Suburbs

House for sale in New Farm QLD

Inner and middle-ring suburbs such as New Farm, Paddington, and Ascot are forecasted to experience significant price growth due to their desirable locations and extensive amenities.

Certain suburbs, including Nathan, Mt Gravatt, Albion, and Sunnybank, have already exhibited strong value growth, reflecting heightened buyer interest and investment potential.

Entry-Level Suburbs (Affordable Real Estate)

For entry-level homeowners, Brisbane offers several suburbs with properties at affordable prices. In particular, Acacia Ridge, Mount Warren Park, and Deagon are suburbs to consider for Brisbane house prices below the median mark of $500,000, reflecting solid investment opportunities for the year 2024.

High-End Suburbs 1

At the other end of the spectrum, high-end suburbs like Teneriffe and Bulimba are expected to see strong property value growth.

For luxury unit living, suburbs like Coorparoo, Taringa, and Clayfield offer established apartments at prices below Brisbane’s city median, providing upscale yet relatively affordable options.

Rental Market Outlook for 2024

Strong Rental Market in Brisbane

Brisbane currently favors landlords with historically high asking rents due to a shortage of properties available for lease. Despite economic fluctuations, Brisbane’s rental market remained stable in 2023, underscoring its resilience and indicating a continuous strong demand for rentals.

These elements, along with the rental market’s evolution to incorporate more flexible leasing options such as short-term leases, co-living arrangements, and furnished rentals, are expanding the scope for varied investment strategies.

Vacancy Rates Are Low

Low vacancy rates in Brisbane reflect a strong rental market. The city is experiencing a rental crisis characterised by a shortage of properties available for lease, which has led to low vacancy rates.

Rental Yields Are High in Certain Suburbs

High rental yields are expected in the following Brisbane suburbs:

  • Toogoolawah: 4.98%
  • Lowood:
  • North Booval:
  • Basin Pocket: 5.57%

These suburbs have strong tenant demand and low property availability.

Tenant Demand is Strong

Tenant demand in Brisbane is influenced by various factors. Population growth, employment opportunities, and the city’s attractiveness are pivotal factors influencing demand for rental properties.

Changes in lifestyle preferences, such as an increase in remote work and a preference for sustainable living, are also driving rental demand, influenced by supply and demand dynamics.

Impact of School Zones on Property Prices

School Zone brisbane

School zones significantly influence property prices in Brisbane. Top-performing public school zones are in high demand, which influences property prices in Brisbane.

Rezoning of primary school catchment areas can lead to either an increase or decrease in property prices depending on whether a property is situated within the boundaries of a sought-after school.

Primary School Catchments

Rezoning of primary school catchment areas in Brisbane can lead to either an increase or decrease in property prices depending on whether a property is situated within the boundaries of a sought-after school.

Secondary School Catchments

In Brisbane, secondary school catchments have a stronger impact on house price growth than primary school catchments. This suggests that proximity to a secondary school may be a more important factor for homebuyers in that area.

Properties in certain Brisbane secondary school catchments are highly demanded, prompting buyers to routinely inquire about the property’s catchment during the home buying process.

Challenges and Opportunities for Property Buyers in 2024

In 2024, property buyers will confront challenges like increasing interest rates and intense buyer competition.

However, opportunities exist in market trends and investment potential. Interest rates in Brisbane are expected to have peaked by 2024, possibly reigniting buyer activity amid previous periods of market hesitancy.

Despite these hurdles, Brisbane’s property market leans towards sellers due to the high demand for premium properties, leading to a spike in asking prices as house prices rise.

Interest Rates Will Peak in 2024

By 2024, interest rates are anticipated to hit a peak, which may impact buyer decisions and alter market dynamics in Brisbane. This stabilization of interest rates is leading to increased activity in the Brisbane property market after a period of hesitancy.

Buyer Competition is Strong

The Brisbane property market is highly competitive. The strong demand from both local and interstate buyers is causing a sense of FOMO and leading to strong auction clearance rates.

This competitive environment is increasing the role of buyers agents in the bustling Brisbane market, leveraging their expertise in market analysis and offering access to not publicly listed properties.

Market Trends Predict Continued Growth

Brisbane’s market trends offer opportunities for property buyers. The city’s property market has exhibited strong capital growth prospects, with a significant surge of 9.1% since it bottomed out in Q3 2022.

The sentiment of FOMO (Fear of Missing Out) prevails among buyers in Brisbane’s property market, resulting in intense competition and robust auction clearance rates.


Brisbane’s property market in 2024 is poised for sustained growth. With a robust economy, significant infrastructure developments, a thriving population, and a range of property options, Brisbane is an attractive destination for both local and interstate buyers.

Whether you’re an investor looking for high rental yields or a home buyer seeking affordability, Brisbane offers promising opportunities for all.

Suggested reading: Did you know? The trends and shifts in the property market cycles have a fascinating history and future predictions. Dive deeper into our hub article to learn more!

Frequently Asked Questions about Brisbane Property Market 2024 Predictions

What is the property forecast for Brisbane in 2024?

The property forecast for Brisbane in 2024 suggests that real estate is expected to continue its upward trend due to favorable market conditions and increasing demand, particularly in inner and middle-ring suburbs.

What suburbs will boom in Brisbane in 2024?

Suburbs like New Farm, Paddington, and Ascot are expected to experience significant price growth in 2024 due to their proximity to the CBD, established infrastructure, and desirable lifestyle amenities. These areas are anticipated to witness significant development and economic growth.

Will 2024 be a good year for the market?

Based on analyst forecasts and market trends, 2024 is expected to be a good year for the market, with the potential for improved growth and modest gains in stock value.

What factors are driving the strength of Brisbane’s property market?

Several factors are driving the strength of Brisbane’s property market, such as interstate migration, major infrastructure projects, the upcoming 2032 Olympics, and a robust economy. These factors contribute to the market’s overall growth and appeal.

What impact are infrastructure developments having on Brisbane’s property market?

Infrastructure developments like the Cross River Rail and Brisbane Metro are improving connectivity and reducing travel times, which could enhance property market demand. The upcoming 2032 Olympic Games are also driving substantial infrastructure development, likely enhancing property growth.

Disclaimer: Images in this article may have been optimised using AI

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