Brisbane continues to be one of Australia’s strongest capital city housing markets and is likely to remain so throughout the rest of 2024, with dwelling values continuing to go from strength to strength. Brisbane’s housing market skyrocketed over the last few years with 64% price growth since the onset of COVID-19 and is currently at a new peak in price. Ray White Group managing director Dan White said the south east Queensland property market had grown at a higher rate than the rest of the country over the last three years. Data from independent analytics team, Neoval, shows that houses and units in urban Australia have shown annualised compounding growth of about seven per cent and three per cent, respectively. The data shows houses and units in south east Queensland have shown growth of about 9-12 per cent or 10-11 per cent, respectively. “The last three to four years have seen a change in a relatively long standing historical trend - south east Queensland growth previously tracked with or underperformed the rest of Australia, it’s now growing at a dramatically higher rate, ” Mr White said. The outlook for the rest of the year looks set to continue. At this point, it is likely that rates will not be cut until the start of 2025 and the economy is continuing to slow. In addition, migration levels will also be lower this year compared to last. However, in contrast high construction costs will keep the cost of building a new home high which will continue to drive people to buy established homes and limit housing supply. If you’re considering a move in 2024, get in touch with me for a chat about your options. I look forward to helping you realise your property goals. Conrad Leisemann Ray White Bulimba 0403 978 813 WHAT’S HAPPENING IN OUR MARKET?
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