Exploring Brisbane’s booming property market

Over the past few years, Brisbane has emerged as an investor’s dream. From critically low vacancy rates to high rental yields, massive infrastructure spending, and a property market soaring to unprecedented levels, there has been a clear shift in the Brisbane property market.

Following the onset of COVID-19, Brisbane’s housing market experienced a significant surge, marked by a remarkable 55.2% price increase. This extraordinary growth has elevated the city’s median home value, surpassing Melbourne’s. Across all property types, double-digit growth has been observed over the past year, as illustrated below.

PropertyMedian PriceMOMQoQAnnual
All Capital City Dwellings$827,8220.9%3.1%16.1%
Capital City House$920,0460.8%2.7%15.9%
Capital City Units$600,2151.6%5.0%17.4%
Regional Dwellings$629,9811.1%3.2%11.2%
Source: CoreLogic, 1st May 2024

The surge in property prices was initially due to a long period of flat prices in Brisbane, resetting technical and fundamental indicators. It also has a reflexive effect where growth attracts new buyers, which in turn drives more growth and so on. One of the key fundamental drivers has been the rental market. Brisbane is currently grappling with a mere 1% vacancy rate, leading to skyrocketing rents across the city. This scarcity of available rental properties, coupled with the growing demand for housing due to the massive migration influx, has substantially driven up asking rents.

In the past 12 months, Queensland’s population growth has been 2.6%, surpassing the national average of 2.4%. Notably, what distinguishes Queensland is the significant volume of net interstate migration, as depicted in the chart below. This influx of people from other states, particularly compared to NSW and Victoria, is a significant contributor to Queensland’s recent population growth. It has led to increased demand for housing and rising property prices.

 NSWQLDVIC
Interstate arrivals82,008107,93574,188
Interstate departures116,16675,68076,051
Net interstate migration-34,15832,255-1,863
Source: ABS, 21st March 2024


Looking ahead, the Federal government has projected a substantial population growth of over 16% by the time Brisbane hosts the Olympic Games in 2032. This forecast indicates a significant boom in Queensland’s population in the coming years, with estimates suggesting an increase from the current 5.4 million people to as much as 8.27 million by 2046.

Overall, Brisbane’s housing market continues to exceed expectations, with prices scaling unprecedented heights and demand staying resilient. Despite persistent challenges, notably in the rental sector, Brisbane’s solid fundamentals set the stage for ongoing growth throughout 2024 and beyond. Investors and homebuyers alike can anticipate Brisbane maintaining its position as a standout performer in Australia’s property scene, presenting plentiful opportunities for both investment and lifestyle enrichment.


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