Brisbane market 2024 is on the up, driven by demand and supply. Over the past 12 months, median house prices in Brisbane have gone up big time.
As of August 2024, the median dwelling value for houses in Greater Brisbane is around $873,987 up from previous months.
- Median house price in Brisbane: $953,028
- Quarterly growth: 3.3%
- Annual growth: 14% in house prices
- Median Unit Price in Brisbane: $622,567
What’s driving the market?
So what’s behind the growth?
- Population Growth: Brisbane is attracting new residents from other parts of Australia due to its affordability and lifestyle. This has increased housing demand (Ironfish).
- Supply Constraints: There are 40% fewer properties for sale than the 5 year average. This has kept prices high as demand outstrips supply (Ironfish).
- Economic Strength: The city has job growth in key sectors and the 2032 Olympics are on the horizon. This will support demand and prices for the next few years.
Suburb insights and price data
The Brisbane market is not one size fits all; some suburbs are growing faster than others. For example, Woolloongabba near the CBD has seen a 24.1% increase in median house price to over $2 million.
This is largely due to the suburb’s proximity to the Olympic infrastructure projects.
Deception Bay on the other hand is more affordable and has also seen strong growth with median house prices up 25.7% to $692,184. These suburbs are good value for money, especially for first-home buyers and investors looking for strong returns
Top Growing Suburbs in Brisbane
| Suburb | Median House Price | Annual Growth |
|---|---|---|
| Woolloongabba | $2,031,874 | 24.1% |
| Clontarf | $888,000 | 24% |
| Redcliffe | $1,251,545 | 32.1% |
Affordable Suburbs in Brisbane
- Deception Bay: $692,184 (25.7% growth).
- Logan: Remains more affordable with strong growth potential.
What Economic Factors Are Influencing Brisbane’s Property Market?
The economic conditions in Brisbane are supporting the housing market. Interest rates have gone up but that hasn’t slowed down the buyers.
“Brisbane’s lower median house price compared to other capital cities makes it an attractive option for investors and home buyers.”
Corelogic
Government policies also play a big role. The upcoming Stage 3 tax cuts will increase disposable income for many households which will increase their borrowing capacity. This will further fuel demand and prices.
What Is the Forecast and Trend Outlook for Brisbane?
Short term predictions for Brisbane house prices
In the short term, Brisbane’s house prices will continue to rise but at a slower pace. The momentum built up over the last few years combined with population growth and infrastructure will mean prices won’t drop anytime soon.
“Analysts predict that Brisbane house price growth in the last 10 years has set the stage for a strong market throughout 2024, particularly in high-demand suburbs.”
Ironfish
Long term outlook
Looking ahead to the next 10 years Brisbane’s market will be growing. The 2032 Olympics will be a long-term driver of property growth especially in areas near the Olympic venues.
Historical data shows that similar big events like Brisbane’s Expo 88 have led to long-term price growth and the Olympics will have a similar impact.
Risks to the market
While the outlook is generally positive there are some risks. Interest rates going up will slow down buyer activity especially if rates keep going up.
Any significant changes in government policy or economic downturn will impact the market. The balance between demand and supply will also be key – if supply tightens affordability will become more of an issue and limit growth.
How Is Infrastructure Impacting Brisbane’s Property Prices?
Infrastructure is a big driver of property price growth in Brisbane. Major projects like the Cross River Rail are connecting the city and making some suburbs more desirable.
For example, real estate for sale in Brisbane near major infrastructure projects like Woolloongabba and Bowen Hills has seen significant price growth due to improved transport links.
Top Infrastructure Projects in Brisbane
| Project | Impact on Property Market |
|---|---|
| Cross River Rail | Boosts connectivity, increases demand in nearby suburbs |
| Olympic Venues | Expected to drive price growth in surrounding areas |
What Market Indicators Should You Watch in Brisbane?
Market sentiment in Brisbane is strong, buyers are motivated by the growth and lifestyle. The market is competitive, properties are selling above the asking price due to high demand.
Buyers in Brisbane are diverse, first-home buyers, interstate migrants and property investors. Many are attracted to the city’s affordability compared to Sydney and Melbourne and the growth potential.
Investment tips
For investors, Brisbane offers many opportunities especially in suburbs with growth potential and infrastructure.
Clontarf and Deception Bay are good investment areas due to affordability and growth rates.
Investors should look for properties with high rental yields as the rental market in Brisbane is tight with low vacancy rates.
Suburbs near universities, transport hubs and infrastructure projects will offer the best returns.
Technology in the market
Technology is having a bigger impact on the Brisbane property market. Virtual tours and online auctions are now the norm, buyers can view and bid on properties from anywhere.
This has opened up the market to interstate and international buyers and increased competition
Digital tools are also helping buyers and sellers make informed decisions.
Soho.com.au offers detailed articles about the topics with data data on how much a house costs in Brisbane, price trends, and market forecasts, which are essential for navigating the competitive Brisbane market.
Market Indicators
Understanding the market indicators is key for anyone in the Brisbane property market:
- Median Dwelling Value: A key measure of the market’s health. It’s been growing in Brisbane, demand is strong.
- Auction Clearance Rates: High clearance rates mean it’s a seller’s market. Brisbane’s rates have been high, but demand is still strong.
Use these to make informed decisions. Watch interest rates, median dwelling values and auction clearance rates to know when to buy or sell.
Frequently Asked Questions on ‘Median House Price in Brisbane 2024’
What is the median house price in Brisbane in 2025?
The median house price in Brisbane is projected to stabilize around $810,000 by June 2025, due to strong population growth and the city’s continued affordability.
What will the median house price be in Brisbane in 2030?
By 2030, Brisbane’s median house price is expected to rise to approximately $1.3 million, supported by significant infrastructure projects and ongoing population growth.
Where are the best suburbs to buy in Brisbane in 2024?
Top Brisbane suburbs to consider in 2024 include Ascot, Paddington, Ashgrove, Bardon, Auchenflower, Stafford, Chermside West, and Kelvin Grove, which are all poised for strong investment potential.
What will Brisbane house prices be in 10 years?
Brisbane house prices are predicted to reach around $1.3 million by 2030, based on historical growth rates and continuing demand driven by major infrastructure developments.
Sources: Information sourced from www.corelogic.com.au, www.huntergalloway.com.au, www.ironfish.com.au, and streamlineproperty.com.au. Compiled on 26/08/2024. Includes median house and unit prices, growth statistics, market trends, and insights from CoreLogic’s latest data on Brisbane’s suburbs.
