October 2024 Brisbane Housing Market Update: Growth Slows but Remains Steady
As we enter the final quarter of 2024, Brisbane’s housing market continues to see growth, though the pace is noticeably slowing. With Brisbane now having experienced 20 consecutive months of rising home values, the city remains one of the stronger markets in Australia, but it’s clear that momentum is easing.
Key Highlights for Brisbane:
- Quarterly Growth: Brisbane home values increased by 2.7% during the September quarter. While this is still a solid gain, it’s the lowest rise since April of last year, signaling a gradual cooling of the market.
- Annual Growth: Over the past 12 months, Brisbane’s home values have risen 14.5%, making it one of the best-performing capital cities. However, the current trend suggests that the period of rapid gains may be winding down.
- September Growth: Dwelling values increased by 0.9% in September alone, showing that while the pace has slowed, Brisbane’s housing market is still growing.
Listings and Selling Conditions:
- Increase in Listings: Listings are trending higher this spring, with the number of properties for sale in Brisbane up 4% compared to this time last year. However, listings remain 26% below the five-year average, meaning supply is still relatively tight.
- Strong Selling Position: Despite more listings, sellers in Brisbane remain in a strong position. Homes are selling quickly, with a median time on market of just 20 days through the September quarter. This is significantly faster than the national average of 32 days.
Rental Market:
Rental Growth Slows: Brisbane’s rental market is also cooling. Rental values actually declined slightly in the September quarter, reflecting broader national trends. The slowdown is likely driven by easing demand due to lower overseas migration and rental affordability pressures.
What to Expect Going Forward:
Brisbane’s housing market remains one to watch, with further growth expected, albeit at a slower pace. Several factors could influence the market’s direction in the coming months:
- Interest Rate Outlook: A potential cut in interest rates, either later this year or in early 2025, could boost buyer confidence and borrowing capacity, which would support home values.
- Tight Supply: With new housing supply still constrained by high construction costs and builder shortages, Brisbane is likely to see continued upward pressure on prices due to a lack of available homes.
The Bottom Line for Brisbane:
While the pace of growth is slowing, Brisbane’s property market continues to perform strongly compared to other cities. For buyers, the rise in listings this spring could provide more opportunities and negotiating power. Sellers, on the other hand, remain in a favorable position as homes are selling quickly despite a cooling market.
At Golden Gates Realty, we’re here to guide you every step of the way on your real estate journey. With our deep local knowledge, personalized service, and commitment to achieving the best outcomes for our clients, we make navigating Brisbane’s vibrant property market a seamless experience. Let us help you unlock the full potential of Brisbane’s evolving market and turn your real estate goals into reality.