7 reasons to invest in the Brisbane property market in 2024!
By Casey Taylor | Buyers Agent
Brisbane is booming – and it’s time to get your share in it.
Already one of Australia’s most attractive cities, Brisbane has been undergoing remarkable growth over the past few years.
Property prices are skyrocketing, infrastructure is speeding ahead, and the demand for housing is at an all-time high.
And, with the 2032 Olympic Games on the horizon, the development budget is more generous than ever.
Increased spending naturally leads to more jobs, which leads to more people, which leads to greater demand for housing. There’s never been a better time for investors to capitalize on the city’s real estate opportunities.
Here are 7 reasons to invest in the Brisbane property market.
1.Bigger and better
Australia has already seen how the Olympic Games can transform a city.
When the 2000 Olympic Games were held in Sydney, the local property market more than doubled. Median property values skyrocketed, rising from around $178,000 to $520,000.
Brisbane is now preparing for a similar boost.
Massive investment is being poured into Brisbane’s CBD and suburbs, with the Queensland Government committing $16.4 billion to major capital projects in its 2023–24 budget – a whopping 30% increase from the previous budget. These infrastructure investments are to cater for growth, support the transition to a renewable energy grid, and prepare the city for the event. Upgrades to roads, public transport systems, residential and commercial properties are underway, and dense inner-city development is rapidly becoming the norm.
2. According to the inaugural State of the City Report, Brisbane’s economy will increase by 68% over the next 20 years.
With its skilled workforce, innovation hubs, manufacturing growth, and booming tourism industry, the city will reap an estimated $275 billion by 2041.
And it’s no wonder. Home to Australia’s fastest-growing working-age population, Brisbane has a unique ability to commercialize emerging industries. It now boasts more than 140 innovation hubs (the highest per capita in Australia) along with world-leading robotics and autonomous systems research.
3. Infrastructure development and urban renewal
Urban Renewal Brisbane transformed Brisbane’s inner city, particularly the north-eastern suburbs. Along with new infrastructure and a swathe of development projects, URB has facilitated the creation of hundreds of affordable dwellings.
In 2023, the South East Queensland Regional Plan announced plans for 900,000 homes to be built.
The homes are to be strategically located, with another 100,000 new dwellings within easy reach of jobs, transport, and well-serviced areas. The SEQ Infrastructure Supplement aims to have all new homes well-connected to essential services such as transport, medical centers, universities, and schools.
4. Increased demand for rentals
Brisbane’s population growth in 2023 was the third-highest in Australia, coming in just behind Melbourne and Perth. While overseas migration accounted for much of this, Brisbane and Perth were the only capitals with net internal migration gains.
This surge has seen Brisbane grappling with a severe shortage of available properties. Vacancy rates are at an all-time low, with houses at 0.9% and units at just 1.0%.
Rent for houses has risen 9.3% over the last year, and 24.8% for units. The unprecedented shortage has intensified competition among buyers and renters, which is good news for investors.
5. Rising house prices
Brisbane’s median house prices are tipped to reach $1 million over the next 18 months
Competitive pricing for sellers and favourable market conditions continue to maximize returns.
Corelogic reported that Brisbane, Adelaide, and Perth saw the most widespread increase across both houses and units over the past few years. The median value for dwellings in greater Brisbane reached a new high of $827,822 – an increase of $10,258 from the previous month and $31,004 from three months ago.
Around 86% of Brisbane’s house and unit suburbs rose by more than 10%, with the fastest growth around the Brisbane South and Logan – Beaudesert region.
6. Favourable interest rates
Fluctuations in interest rates are anticipated to drive the Australian real estate market in 2024, with major banks predicting a significant decline starting in September. These historically low rates will enhance borrowing conditions, making home loans more affordable and boosting property demand in Queensland. Both owner-occupiers and investors will benefit from the favorable borrowing conditions and improved investment returns.
7. Beautification
In the years following the pandemic, colossal efforts have been made to enhance Brisbane’s natural appeal. The $3.6 billion Queen’s Wharf – set to open in August 2024 – has already transformed the CBD and river edge, embracing the city’s subtropical climate and celebrating its indigenous and European heritage.
The river, once an underwhelming industrial passage, is now a stunning recreational asset. The Riverwalk is enjoyed by thousands of cyclists and pedestrians, as well as the CityCats and the annual Riverfire festival.
It’s not about to get cheaper to buy property in Brisbane, so act fast!
Call Taylored Property Wealth now to learn more about how you can get a slice of the Brisbane property pie.
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