Brisbane rounded out 2024 with a broadly positive market, supported by robust demand and ongoing improvements to the city’s infrastructure. While some buyers have become more cost-conscious due to earlier rate rises, the city’s affordability compared to Sydney and Melbourne continues to underpin healthy interest.
- Median House Price: $974,396 (up 11% YoY)
- Median Unit Price: $677,810 (up 18% YoY)
- Vacancy Rate: 1.1% (tight rental conditions)
- Weekly House Rent: $727 (+0.8%)
- Weekly Unit Rent: $583 per week(+0.8%)
Source: RP Data, CoreLogic and SQM Research
What’s Driving the Market?
- Sustained Demand & Affordability: Strong interstate migration and Brisbane’s relative affordability keep attracting buyers.
- Infrastructure & Growth Outlook: Projects like Cross River Rail and broader transport upgrades continue to enhance buyer confidence in future capital growth.
- Rental Pressures & Investor Interest: Low vacancy rates (1.1% for residential dwellings) underscore the appeal for investors, despite ongoing rate changes.
- Medium-Density Momentum: Units and townhouses remain popular, with an 18% annual price growth highlighting demand from first-home buyers and downsizers who value easier maintenance.
Suburb & Trend Highlights
- Gentrifying Hotspots: Chermside West, Nundah, Arana Hills, and Stafford Heights continue to transform, drawing buyers looking for solid value near good amenities.
- Character Suburbs: Inner-ring areas like Ashgrove, Paddington, and Red Hill remain in high demand for their community feel and heritage homes.
- CBD-Fringe & Lifestyle Hubs: Riverside suburbs (e.g., Teneriffe, New Farm) and well-serviced hubs (e.g., Toowong) maintain strong appeal for boutique apartments and vibrant local precincts.
Considerations for Property Owners
- Balanced Growth: Although the pace of price increases has tempered compared to previous quarters, annual growth figures remain solid — indicating stable conditions for those considering a sale.
- Presentation Matters: With buyer competition still active, properties that are well-presented and properly priced see shorter days on market.
- Infrastructure Upside: Upcoming infrastructure improvements (including upgrades in suburban centres) may enhance the value of properties, especially those situated near new transport links.
Looking to 2025
- Interest Rate Caution: Borrowing costs remain a consideration, yet Brisbane’s lifestyle and relative affordability often mitigate a downturn in buyer sentiment.
- Population Growth: Continued interstate migration should keep underpinning demand for both houses and units, and sustain the rental market’s strength.
- Steady Outlook: While no market is immune to economic changes, Brisbane’s fundamentals — including the lead-up to the 2032 Olympics — remain an attractive proposition for buyers and investors alike.
Overall, the end-of-2024 data indicates that Brisbane has remained on a steady growth trajectory. For property owners, the city’s ongoing appeal, supported by infrastructure projects and sustained migration, suggests it remains a favourable time to consider a move, while keeping an eye on any shifts in interest rates or broader economic conditions.
Interested in Knowing Your Property’s Current Worth?
Get your free property appraisal today with Calibre Real Estate. Our experienced agents are here to provide you with a comprehensive and accurate assessment, helping you make informed decisions in the Brisbane real estate market. This service is beneficial whether you’re considering a sale, rent, or just want to understand your property’s current market value.
For more information and to stay updated on the latest real estate trends in Ashgrove, visit our website or contact our team of experts at Calibre Real Estate. Whether you’re buying, selling, renting, or simply exploring your options, we’re here to support you every step of the way.