Brisbane Home Values Continue to Climb

I am delighted to present our latest Place Insights Market Report, offering a comprehensive overview of the dynamic real estate scene in Queensland's bustling capital over the last calendar year.

It appears many underestimated Brisbane's residential property market. The forecast for 2023 in Brisbane was a modest rise in dwelling values of 1 to 5%, but the latest data from CoreLogic reveals prices finished the year 13% higher, currently at a record high.

Of the 11 RBA board meetings in 2023, the bank lifted rates five times for a total of 125 basis points or 1.25% per annum. Despite this, property prices in Brisbane have steadily risen, we expect that buyer sentiment will continue to rise. We will continue to observe buyer and seller behaviour as the economic environment changes.

Listings remained light on throughout most of the year, which fluctuated in line with improvements in buyer demand. As a result, buyers became more competitive and we saw the barometers for success such as median days on market and auction clearance rates move in favour of sellers. Rising demand continues to be the reason for price strength in the Brisbane market, when we will explore further in the ensuing report.

Demand for rentals has remained extremely competitive, driven not only by local residents but also by a steady influx of interstate and international migrations. We are seeing many investment properties sell to owner occupiers, reducing the pool of rental properties and placing pressure on demand. Although rents continue to increase, it's worth noting that the rate of growth is gradually stabilizing.

At Place, we take immense pride in our team of highly skilled professionals who are dedicated to delivering exceptional outcomes for our valued clients. Their unwavering commitment to excellence has played a pivotal role in navigating the challenges of the past year, helping buyers, sellers, landlords, and tenants in finding their ideal property solutions. This is resonating with sellers of Brisbane, as we see Place's market share increase year-on-year, while listing numbers in Brisbane continue to tighten.

Looking ahead, Southeast Queensland's property market is poised to keep its status as Australia's hottest real estate market, especially as we approach the 2032 Olympic Games. Building on the momentum witnessed during these times of resilience, Brisbane is well-positioned to attract more investors and buyers, offering many opportunities for growth and prosperity.

We believe that there is no better place to be and have great confidence in the Brisbane property market in 2024.

Damian Hackett

Eager to read more? Download your copy of our Brisbane market report: