Article by Estate & Co December 2024

2024: A Year of Growth

• House Price Surge: Queensland’s median house price rose by 12.14% over the past year, with Brisbane experiencing a 16.16% increase, outpacing Melbourne in property values for the first time since 2009. The median house price in Brisbane now stands at $805,593, marking a 15% annual growth rate.
• Interstate Migration Boom: Queensland welcomed over 110,000 interstate movers in 2023, fueling demand. The Sunshine State has also seen significant overseas migration, strengthening its housing market even amid rising interest rates.
• Rental Market Crunch: Brisbane’s rental market remained tight, with vacancy rates below 1% and rents for houses rising 9.3%, while unit rents jumped by 24.8% over the year.

What to Expect in 2025

Looking ahead, key factors such as ongoing infrastructure projects (e.g., Cross River Rail and Brisbane Metro) and preparations for the 2032 Olympics are expected to bolster demand. Areas undergoing urban renewal and those within desirable school catchments will likely see sustained growth. However, limited housing stock and high construction costs may continue to challenge buyers.

Investors and homeowners should watch for:

• Continued migration trends driving property demand in Brisbane, Gold Coast, and Sunshine Coast.
• High competition for A-grade properties in lifestyle locations.
• A focus on livability factors like proximity to amenities, schools, and transport.

Take the Next Step

If you’re considering buying or selling in 2025, now is the perfect time to plan your strategy. Our team at Estate & Co. is here to help you navigate this vibrant market.