March 2024 Quarter - Brisbane
- Posted By Chris Nicholson
Brisbane's property market continues to demonstrate resilience and growth, with both house and unit prices reaching new highs. The first quarter of 2024 has shown significant movement in the market, marking milestones and highlighting trends that property investors and homeowners should take note of.
Brisbane house prices experienced their fifth consecutive quarter of growth, pushing annual gains to the highest levels since September 2022. Despite the ongoing rise, the pace of quarterly gains has started to slow, with an increase of 1.6%, which is three times slower than the previous quarter and below the long-term average of 2.6%. This deceleration indicates a potential cooling in the market, though prices have still reached record highs.
In contrast, Brisbane unit prices surged for the 10th successive quarter, achieving another record high. Quarterly gains for units have accelerated, growing nearly 1.5 times faster than the previous quarter. This period marks the longest continuous growth stretch for units since 2005-08. Annual gains for units are the second steepest among all capital cities, trailing only Perth, with an impressive 17.1% increase. Notably, Brisbane units continue to outperform houses, reducing the price gap to a nearly three-year low, with houses now only 68% more expensive than units.
Brisbane's property market in early 2024 highlights the contrasting dynamics between house and unit prices. While house price growth is slowing, units are experiencing rapid gains, closing the price gap significantly. These trends suggest a shifting landscape in Brisbane's real estate market, offering varied opportunities for investors and homeowners alike.