Welcome to a journey through the ever-evolving landscape of Brisbane’s real estate market. As the sun-soaked capital of Queensland continues to captivate both home buyers and investors, there’s one focal point that stands above all – “Property prices in Brisbane.” In this article, we’ll explore the trends, data, and insights that define the Brisbane property market, offering you a comprehensive view of what’s in store for 2024.
Navigating the Future: Property Prices in Brisbane for 2024
Declining New Listings: A Tightening Market
The journey begins with the observation that Queensland saw fewer homes listed for sale in September. With new listings down both over the month and year, the property market in Brisbane is tightening. The number of homes newly listed for sale in Brisbane was 7.3% lower in September compared to August, and year-on-year, new listings in the area fell by 4.2%. As a result, the Brisbane market is becoming increasingly competitive.
Low Total Listings: A Sought-After Market
Total listings have seen an even greater decline over the past 12 months, sitting 14% lower in Brisbane. This reduction in inventory has led to intense competition among buyers. The scarcity of options has driven up demand for available properties. As a result, those homes that hit the market are selling at an astonishing pace. In September, the median time taken for a property to sell fell to the lowest level seen in 18 months.
Source: SQM Research
Observations Confirm High Demand – Houses and Apartments
Our observations on the Brisbane property market confirm this high demand. Apartments and townhouses are drawing substantial interest, with up to 30 groups per property inspecting this category on Saturdays. However, the demand for houses has surged in recent weeks. It’s not uncommon to witness 50-60 groups going through a property within the time frame of an auction campaign, a phenomenon that was virtually unheard of just a few months ago.
Statistics Confirm Positive Outlook
According to PropTrack, Property prices in Brisbane witnessed a monthly price growth of 0.39% for all dwellings in September 2023, with an annual increase of 5.82%. SQM-Research reports that houses in Brisbane saw a rolling monthly price growth of 1% and an impressive 10.5% increase over the last 12 months. For apartments in Brisbane, the figures are equally promising, with a rolling monthly growth of 0.7% and a remarkable 13.7% increase over the year. This upward trend is not only persistent but also impressive, making Brisbane a favourable choice for property investment.
Source: SQM Research
The Path Forward for 2024: Solid Price Growth
As we look ahead, it’s evident that the Brisbane property market is poised for solid price growth in the latter part of 2023 and into 2024.Terry Ryder from Hotspotting provides additional insights, reporting that 18 of the 23 inner suburbs, such as Milton and Auchenflower, and 32 of the 41 northern suburbs, including Aspley, Boondall, and Mitchelton, show a rising market projection. These statistics indicate that certain areas within Brisbane are expected to experience even stronger property price growth
Conclusion – A Robust Brisbane Property Market
In conclusion, the Brisbane property market remains strong, with the demand for real estate on a consistent upswing. With limited listings and growing interest in both houses and apartments, this city is set to continue its property price growth into 2024. As an investor or a prospective homeowner, keeping an eye on the evolving landscape of “Property prices in Brisbane” is the key to making well-informed decisions in this dynamic real estate market.
The River City’s real estate journey in 2024 is poised for excitement, and you don’t want to miss a minute of it. Stay tuned for the latest updates and dive into the market with confidence, knowing you’re equipped with insights that can help you navigate your path in Brisbane’s vibrant property market.
Pro Tip for Potential Buyers:
Are you considering buying your dream home or investment in Brisbane? With the market heating up, now’s the time to seize the opportunity this side of Christmas. As you contemplate your next move in this thriving real estate landscape, we’re here to provide guidance tailored to your needs.
Book Your Free Discovery Call:
Ready to make the most of the promising property market in Brisbane? Schedule a free discovery call with me to explore your options and discuss how you can leverage the current trends in your favour. Don’t let this opportunity pass you by; act now to secure your piece of Brisbane’s flourishing real estate market.
OR Call Us Today:
If you’re eager to dive into Brisbane’s dynamic property market without delay, give me a call today on 0420 472 544. I am here to answer your questions, provide expert insights, and help you make informed decisions. Reach out now and let’s get started on your property journey in the River City. Your dream home or investment may be just a call away.
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