The Brisbane Property Market: A Comprehensive 2024 Overview
1. Price Growth Stabilising
Throughout 2021 and 2022, Brisbane experienced a boom in property prices, driven by historically low interest rates, interstate migration, and demand for larger living spaces during the pandemic. According to CoreLogic, Brisbane house prices surged by over 20% during that period. However, this rapid growth has since tempered as interest rates have risen, cooling demand.
As of mid-2024, the market appears to have stabilized, with price growth slowing but still positive. The median house price in Brisbane is approximately $850,000, while unit prices hover around $520,000. This marks Brisbane as more affordable than Sydney and Melbourne, where median house prices exceed $1 million.
2. Interstate Migration and Population Growth
One of the most significant drivers of Brisbane’s property market is its consistent population growth, particularly due to interstate migration. Many Australians have relocated from the southern states to Queensland, attracted by Brisbane’s lower cost of living, better climate, and expanding job opportunities. This trend accelerated during the COVID-19 pandemic, as remote work allowed people to prioritize lifestyle over proximity to major corporate hubs.
Queensland’s population is projected to grow by 1.7% annually, with Brisbane absorbing much of this influx. This ongoing population growth supports steady demand for housing, particularly in outer suburbs where more affordable family homes are available.
3. Rental Market Pressures
Brisbane's rental market has tightened significantly in recent years, with vacancy rates plummeting to less than 1% in many suburbs. High demand, combined with limited new housing supply, has pushed rental prices up substantially. As of 2024, the median rent for a house in Brisbane is around $600 per week, while units rent for about $450 per week.
This shortage in rental properties is partially due to a slowdown in new housing developments, which have been hampered by construction delays, rising material costs, and labor shortages. As a result, investors have increasingly turned to Brisbane’s rental market, seeking capital growth alongside strong rental yields.