Welcome to the latest edition of Place Insights! With Spring in full swing, the property market in Brisbane is buzzing with activity and we are excited to share the latest developments from the past few months.
A Spring Awakening in the Market
As the season changes, we are seeing a notable surge in property listings across Brisbane. Open homes are bustling, auction clearance rates are impressive, and properties are selling faster than before. The current market dynamics reflect a more balanced landscape compared to recent years. Even with the increase in available homes, buyer demand remains strong, helping to uphold property values despite ongoing economic challenges.
Interstate Migration and Population Growth
A notable trend is the continued interstate migration to Queensland, which accounted for a remarkable 79% of the state's total population growth in the March 2024 quarter, according to the Queensland Government Statistician’s Office. This influx is driven by factors like affordability and lifestyle, making Brisbane an attractive alternative for those relocating from Sydney and Melbourne.
Housing Market Comparisons
While Brisbane now ranks as the second-highest capital city region by median house price, it’s important to compare this with Sydney and Melbourne. Within a 10km radius of each CBD, house prices in Sydney and Melbourne are still significantly higher—by 119.2% and 32.8%, respectively, according to Pricefinder. This pricing landscape continues to position Brisbane as a compelling choice for buyers.
Rental Market Overview
On the rental front, our dedicated leasing teams are hard at work representing landlords while ensuring tenants feel secure in their homes. While national conversations suggest a moderation in rental markets, Brisbane stands out with a residential vacancy rate of just 1.1%, compared to 1.6% in Sydney and 1.7% in Melbourne, as reported by SQM Research.
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The Surprising Region Outpacing Brisbane
The Moreton Bay region is experiencing rapid population growth, stronger price increases, and rental growth outpacing Brisbane, driven by housing affordability and a relaxed lifestyle. Many new buyers are relocating from Brisbane, and the upcoming business precinct in Petrie will create local jobs, allowing residents to live, work, and play nearby. With our commitment to expanding in key markets, we are excited to announce the opening of Place Redcliffe Peninsula, a key milestone reflecting the region's promising growth.
Election Influences
Elections have long been a pivotal influence on the Brisbane housing market, shaping buyer sentiment and investment strategies throughout history. As we delve into past electoral cycles, it becomes clear that post-election the market responds positively, regardless of the political outcome. With Queensland approaching another election, it is anticipated buyers will embrace stability and confidence in the real estate sector, driving demand and, consequently, prices.
Spring Auction Event
The Place group is concluding our Spring headline Auction event – The Day – where over 100 properties have gone under the hammer. We can’t wait to share the highlights and successes from this exciting event!
The Buzz in Brisbane
There is no denying the excitement surrounding Brisbane right now—new openings, infrastructure developments, a premiership-winning AFL team, and the stunning Jacarandas in full bloom all contribute to this vibrant energy. This buzz is translating into the property market, solidifying Brisbane as a place to watch—and a place to be.
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