Brisbane Residential Property Market Overview

Brisbane residential property is at an all-time high, as one of Australia’s best-performing capital city markets is expected to roll into its third straight year of monthly growth in median house and unit prices, thanks to a strong state economy, massive infrastructure spending and the halo effect of Brisbane being named as host city for the 2032 Summer Olympics.

With median prices for houses and units peaking at $974,396 and $677,810 respectively, the current 21-month boom looks set to continue, according to the Brisbane Residential Property Market Overview from M3 Property. Units and townhouses are the best performing types of dwellings in the Queensland capital, likely due to the increasing popularity of more affordable townhouses and the added space they offer when compared with units.

Stephen Linnane, Director – Residential Development, QLD at M3 Property, said, “Brisbane’s residential market is strong and there’s no sign of the growth slowing. The strength of the Queensland state economy, along with Brisbane’s economy, as well as the injection of $25 billion in infrastructure spending are making this city even more desirable. Add to that the positive attention Brisbane is receiving as the host city for the 2032 Summer Olympics, and we’re in an enviable position for sustained growth.”

These combined factors are driving record-high growth for house and unit prices across all Local Government Areas (LGAs) in the Brisbane metropolitan region. Ipswich City Council has seen the strongest growth across the region in median house prices, with a rise of 73.61% from January 2020 to August 2024, to reach a peak of $625,000. Unit prices grew the most in the Logan City Council area, rising by 81.42% during the same period, and peaking at $410,000.

All five LGAs experienced strong growth from January 2020 to August 2024, including:

• in Brisbane City median house prices grew 63.89% to $1,126,750, and unit prices grew 40.96% to $585,000,
• in Ipswich City median unit prices grew 62.76% to $415,000,
• in Logan City median house prices grew 61.63% to $695,000,
• in Redland City median house prices grew 59.62%to $850,000, and unit prices grew 65.71% to $580,000, and
• in the City of Moreton Bay median house prices grew 65.69% to $770,000, and unit prices grew 55.56% to $490,000

The number one reason for this resilient market is the strong performance of the Queensland economy. The Gross State Product of Queensland in FY24 was $510.69 billion, an increase of 2.1% (~$5.46 bn) on FY23, or about 50% higher than the average GSP growth for all states and territories. The Brisbane regional economy also grew by 2.7% in FY23.

These strong figures are contributing to a lift in migration to Queensland with 406,147 new residents added to the state’s population in the four years to March 2024, as Australians and migrants look to Brisbane and South-East Queensland for economic opportunities, resulting in increased demand from new buyers entering the market in the region.

Read more and view the full report at the link below.

Brisbane Residential Market Report – December 2024