Full Homely article available here.
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Brisbane’s unit market is showing early signs of continuing last year’s momentum in 2024, with sales, price growth, and rental yields all on the rise.
A data-backed deep dive into the unit value boom
According to Brisbane buyers agent and director of Lauren Jones Buyers Agency Lauren Jones, the Brisbane apartment market has seen a significant boom, with a surge in home and unit values showing no sign of slowing down in 2024, She comments upon the sky-rocketing nature of buyer demand, making the local market a battlefield for hungry property hunters.
Brisbane’s unit market is currently one of the most competitive markets in Australia, says Lauren, adding that demand is stronger than ever, and listings have remained low all year.
According to Corelogic, lower-quartile market segments—including units—are moving much faster than the upper-quartile house market and high-end properties. This is likely a by-product of the increasing affordability pressures nationwide as the cost-of-living crisis becomes more widespread. Unfortunately, this only means that unit values—and all property values, for that matter—will continue to rise into the predictable future.
This is especially true for units located in Greater Brisbane. The local market has shown better median price growth in comparison to both Melbourne and Sydney over the past year.
How buyers agents are navigating the market shift
Here are some key shifts in the market in 2024, as noted by LJBA:
- Requiring tighter conditions i.e. shorter finance and building and pest inspection clauses
- Seeing more enquiry from tight budgeted buyers who wouldn’t historically use a buyer’s agent
- Needing to move on properties faster than ever
- Seeing fewer A-Grade off market options
- Relying more heavily on LJBA’s relationships with local selling agents
- Seeing properties go under contract within a week across dozens of local real estate firms
“Week after week,” Lauren explains, “the LJBA team runs into the same buyers at open homes as they struggle to compete in the current, crazy conditions of Brisbane’s apartment market.”