Why invest in the Brisbane property market in 2024?
By Casey Taylor | Buyers Agent
Why invest in the Brisbane property market in 2024?
If you’ve ever thought about investing in Brisbane, this could be your year.
As of May 2024, Brisbane continues to solidify its position as one of the most lucrative housing markets in Australia.
The River City housing market has already seen an impressive 55.2% price growth since 2021.
In December 2023, CoreLogic revealed that Brisbane had the highest proportion of profitable house resales – a whopping 99.3%.
And things are only getting better. With the 2032 Olympic Games on the horizon and the promise of a more affordable lifestyle driving population growth, Brisbane could well be the jewel in the Australian property market crown.
Here’s why Brisbane could be one of the smartest investments you’ll make in 2024.
Steady population growth
In the years since Covid, Brisbane has been attracting both international and interstate migrants
seeking a better lifestyle and greater job opportunities than Sydney and Melbourne.
This strong population growth is one of the most important factors driving Brisbane’s stronghold in the property market.
Current expectations are that Brisbane’s population will hit 1.55 million by 2041.
The Brisbane City Council area alone is projected to swell by an estimated 500,000, reaching 1,721,000 by 2046. The middle ring suburbs especially have seen significant population growth.
Queensland itself is expected to grow by another 16% over the next eight years.
With so many people settling in Brisbane – and more on the way – the demand for housing will continue to escalate. Homes are already in short supply, driving up property prices – which is only good news for investors.
Increased infrastructure spending
Hosting the Olympic Games can transform a city, and previous hosts have reaped the benefits of physical, economic and social regeneration. The significant infrastructure spending in the lead-up to the event can greatly enhance a city’s appeal, which in turn can spark a boom in real estate.
Brisbane’s preparation for the 2032 Summer Olympics has the city primed for major development projects and growth.
Opportunities for investment are set to skyrocket as Brisbane is showcased as a desirable place to live, work, and visit.
Major construction activities for the Brisbane Metro project continue in Brisbane’s CBD, and
upgrades to public transport systems are triggering greater interest in Brisbane’s newer neighbourhoods.
The upsurge in construction has boosted work opportunities, encouraging interstate migration. A number of high-profile high-rise commercial and residential projects have already been completed, and the $5.4 billion Cross River Rail is set to be operational by 2026. These improvements to connectivity and amenities are boosting the demand for housing and the opportunities for property investors.
One thing is certain: Brisbane will be enjoying these benefits well beyond the Games.
Greater affordability
With the cost of living rising globally, buyers everywhere are looking to stretch their dollar as far as possible. And Brisbane is ticking all the right boxes.
As one of Australia’s fastest-growing mid-size capitals, real estate in the Brisbane market is now more attractive than ever. In April, CoreLogic reported that Brisbane was just behind Perth and Adelaide in the growth charts, with a rate of 0.9%.
The average home in Brisbane is fetching higher prices than Melbourne, though houses and block sizes are generally larger. Brisbane prices are forecast to continue rising over the next few years, but swathes of buyers are currently finding affordable, low-maintenance townhouses in Brisbane in good locations.
Major banks are predicting a substantial decline in interest rates from September 2024, which will serve to bolster the property market revival further.
Money matters aside, Brisbane is renowned for its high standard of living and excellent education opportunities. The subtropical climate is another drawcard, with around 280 days of sun a year. With wildlife, outdoor activities, art galleries, and fine dining, the River City offers a vibrant and exciting lifestyle without breaking the bank.
Why invest now?
Recent forecasts are that the Brisbane housing market will continue to perform strongly for the next few years. ANZ forecasts a mighty 9-10% property price rise in 2024, while others expect anywhere from 6-8%.
As demand continues to outweigh supply, rental properties will become even more appealing to investors.
In the leadup to the Olympic Games, Brisbane will continue attracting interstate migration thanks to comparative affordability, job opportunities, and quality of life. With desirable properties selling quickly and competition growing, buyers are urged to act quickly.
If you’re thinking of purchasing a property in the Brisbane Market place in 2024 and you want help purchasing Taylored Property Wealth is the Buyer’s Agency for you.
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