June 2024 Quarter - Brisbane

Posted By Chris Nicholson

In recent months, Brisbane's residential property market has demonstrated impressive growth, highlighting its status as one of the nation’s standout performers. With sustained price increases across both houses and units, the city's real estate landscape is evolving rapidly. As we delve into the latest market trends for June 2024, we'll explore how Brisbane's property prices have surged to record highs and the factors driving this continued upward momentum.

Brisbane's housing market has shown remarkable resilience and growth, with house prices climbing for the sixth consecutive quarter. In the June quarter, prices surged by nearly $38,000 (or 4%), reaching a record high of $976,464. This growth rate is approximately 1.5 times faster than the previous quarter and more than double compared to the same period last year. Annual gains have accelerated to 16.9%, marking a two-year high. With just a $24,000 (or 2.4%) increase needed to surpass the $1 million mark, Brisbane's house prices are set to achieve this milestone in the coming quarter.

In the unit market, Brisbane has also seen sustained growth, with prices rising for the 11th consecutive quarter to a new high of $579,823. This extended period of growth is the longest since 2005-08, although the quarterly growth rate has slowed to about one-third of the previous quarter's pace. Despite this, annual gains remain strong at 18.7%, the second highest among capital cities after Perth. Unit prices have increased by $249 per day over the past year, making it the second steepest rise in the city’s history. Notably, Brisbane’s units have now surpassed Melbourne’s in price for the first time in 15 years, becoming the third most expensive capital city for unit purchases, trailing only Sydney and Canberra.

Brisbane's property market is undeniably thriving, with both house and unit prices reaching new peaks and showcasing remarkable growth. The steady rise in values over the past quarters reflects a strong demand and a robust economic environment. As Brisbane approaches the milestone of $1 million for house prices and continues to set records in the unit market, the city's real estate sector remains a compelling area of investment and development. The ongoing momentum suggests that Brisbane will continue to be a key player in Australia's property landscape in the months to come.