Adam Empringham,
Director of Sales at Image Property.
South East Queensland Property Market Update: Q2 2024
[lwptoc]The Australian property market continues to show resilience amidst various economic challenges. The latest data from CoreLogic reveals a notable increase in dwelling values across the country. When focusing on the South East Queensland market, including Brisbane, the Sunshine Coast, and the Gold Coast, several noteworthy trends emerge that property investors and homeowners should be aware of.
Market Growth and Resilience
Australian dwelling values increased by 0.7% in June 2024, culminating in an 8% rise over the 2023-24 financial year. This growth equates to an approximate $59,000 increase in the median property value. This annual rise starkly contrasts with the previous financial year, which saw a 2% decline. Despite high interest rates, cost of living pressures, and tight credit policies, the housing market has shown remarkable resilience, primarily due to tight supply levels.
South East Queensland Market Highlights
Brisbane’s property market has performed exceptionally well, with dwelling values rising by 1.2% in June and 15.8% over the past year. This growth is supported by strong demand and limited housing supply. Both the Sunshine Coast and Gold Coast have mirrored Brisbane’s positive trends, benefiting from the overall regional growth dynamics in Queensland.
Rental Market Conditions
The rental market has shown signs of easing growth but remains above average. CoreLogic’s National Rental Index recorded a monthly rise of 0.4% in June and an annual rise of 8.2%. In Brisbane, the annual change in unit rents has eased from 14.9% to 7.5%, reflecting a slight moderation in the previously rapid rental growth.
Listings and Demand
The number of homes advertised for sale in Brisbane remains significantly below the five-year average. This shortage of listings underscores the ongoing demand-supply imbalance, driving property values higher. With fewer properties available, buyers face increased competition, further propelling price growth.
Future Outlook
Looking ahead, the property market in South East Queensland is expected to continue its growth trajectory. While financial pressures from high living costs and elevated debt levels, coupled with persistent high-interest rates, may pose some challenges, the market remains strong. The underlying demand for housing, driven by interstate migration and tight supply, is likely to sustain property value increases in the near term.
Stay informed to navigate the evolving Australian housing market landscape effectively. For further information or real estate advice tailored to your specific needs, get in touch today.
