As the year draws to a close, Brisbane's real estate landscape is displaying remarkable resilience and promising prospects for the upcoming year. The housing market in the Queensland capital has defied initial forecasts of a downturn, demonstrating a robust trajectory of growth and stability that is capturing the attention of both buyers and sellers alike.
Brisbane's housing values have soared to new heights, marking an 8.9% increase in the year leading up to November 30. This surge has propelled the combined values of houses and units to a staggering average of $775,000, an 8.85% surge from the previous year.
PropTrack's research highlights the unprecedented nature of this growth, underpinned by a confluence of factors including strong demand, a scarcity of available properties, steady population growth, and soaring construction costs. Despite initial concerns of interest rate hikes impacting the market, Brisbane's values continue to scale upwards, month after month.
Looking ahead to 2024, experts from PropTrack foresee an optimistic outlook for Brisbane's housing market. Projections suggest a further increase in home values, with anticipated growth ranging between 3% and 6%. While this indicates a slight deceleration compared to the current year, it still signifies substantial potential for continued prosperity.
Cameron Kushner, PropTrack's economic research director, highlights Brisbane as one of the front-runners among the capital cities, expected to witness some of the most robust price growth nationwide. This positive forecast, however, comes with the recognition that the impact of recent interest rate hikes may take some time to fully affect borrowers.
The allure of Brisbane's lifestyle has attracted substantial attention from buyers, both local and international. However, this burgeoning interest faces a challenge exacerbated by the scarcity of available properties. Current data reveals that the total stock of properties for sale in Brisbane is 38% below the decade-average for November. This scarcity has propelled competition among buyers, leading to increased sale prices across the city.
Mitch Peereboom, Harcourts Queensland's chief executive, notes that sellers are capitalising on this demand surge, listing their properties with confidence due to the readiness of buyers actively seeking homes in Brisbane.
Southeast Queensland, encompassing Brisbane, the Gold Coast, and the Sunshine Coast, continues to attract substantial attention from interstate and international buyers. The region's appeal has dominated the interest of investors and buyers, as evidenced by the latest Sight Unseen report by Little Hinges.
As Brisbane edges closer to the year-end, the housing market stands as a testament to resilience, with an upward trajectory set to spill over into 2024. Despite challenges posed by low stock and escalating construction costs, the city's allure remains undiminished, attracting both local and global interest.
The race is on for buyers and investors seeking to capitalise on Brisbane's promising housing market. With projections hinting at continued growth, the Queensland capital looks set to maintain its position as a prime destination for real estate enthusiasts in the year ahead.
