Brisbane’s property market remains a standout performer in 2024, even as growth across other Australian cities moderates.
National dwelling values continue to rise, but Brisbane has cemented itself as one of the leading capitals for price increases, now second only to Sydney in median dwelling values. Despite a slight easing in the growth rate in Q3 2024, affordability pressures and a shortage of housing stock continue to push prices up.
Lauren Jones, Director of Lauren Jones Buyers Agency, (pictured below) highlights the unique factors driving Brisbane’s resilience. “While the rate of price growth has slowed compared to last year, the fundamentals remain strong. There’s simply not enough housing stock to meet demand, which keeps upward pressure on prices,” she explains.
Even though Brisbane’s growth has cooled from its 2023 pace, Ms Jones is confident prices won’t drop unless housing supply begins to outstrip demand – something that isn’t on the horizon anytime soon.
One reason for Brisbane’s sustained property boom is its affordability compared to other major cities. Buyers continue to flock to the Queensland capital, seeking better value than what’s available in Sydney or Melbourne. Perth and Adelaide are experiencing similar dynamics, with these cities also benefiting from relatively affordable housing markets and stable economic growth.
Brisbane’s robust fundamentals are reflected in its ability to withstand the broader economic headwinds that have impacted other markets. In contrast to the declines seen in cities like Melbourne, Canberra, and Hobart, Brisbane has maintained solid price growth, driven by continued demand from a diverse range of buyers including first-time homebuyers, investors, and interstate movers.
Ms Jones also notes a shift in buyer behaviour as affordability constraints and high borrowing costs shape the market.
“We’ve noticed a more strategic, long-term approach from buyers,” she says.
“Many are looking beyond the immediate gains and focusing on sustainable home ownership.” This mindset is particularly important in a market that’s likely to see more moderate growth over the coming years, rather than the explosive gains of 2021 and 2022.
The holiday season presents unique opportunities for buyers in Brisbane. According to Ms Jones, sellers often become more motivated around Christmas, and with fewer buyers actively searching for properties, those who remain in the market may find less competition and better deals.
“It’s a great time for buyers to explore opportunities before the market picks up again in the new year,”
