Content as featured in Elite Agent on October 14, 2024.
Australia’s property market is currently enduring a dynamic landscape, with national dwelling values continuing to surge. However, our Australian capital cities are presenting significantly varied trends. Our property market giants of 2024—Brisbane, Perth, and Adelaide—have continued to lead price growth throughout the September quarter (Q3 2024). Meanwhile, cities like Melbourne, Canberra, Darwin, and Hobart have seen recent declines in dwelling values.
Despite Brisbane’s property market growth easing in Q3 2024—the lowest quarterly rise since April 2023—it remains to be one of the strongest performers nationwide. Notably, Brisbane now ranks as the second-highest capital for median dwelling values, only behind Sydney.
What do leading real estate experts have to say?
Lauren Jones, Director of Lauren Jones Buyers Agency, notes, “Brisbane is experiencing a slower pace of growth due to affordability pressures. However, limited housing stock continues to drive prices upward, just at a more moderated rate than last year’s surge.”
Looking at past trends, the sustained growth in Brisbane, Perth, and Adelaide doesn’t come as a surprise. “These cities have remained affordable with strong fundamentals supporting their growth,” Jones observes. Conversely, the declines in Melbourne and other cities reflect broader economic factors—particularly government policies that have stifled market momentum.
In contrast, Melbourne recorded a fall in values over Q3, accompanied by declines in Canberra, Darwin, and Hobart. Despite these market corrections, Brisbane’s fundamentals remain solid. “While crazy price growth will not continue forever,” Jones assures, “it is unlikely that prices would drop. Brisbane would need housing supply to outstrip demand, and we are simply not building enough homes here for that to happen.”
How can buyers navigate price growth in Brisbane?
As Brisbane’s growth persists, buyers are encouraged to adopt a long-term approach. Being a Qualified Property Investment Adviser (QPIA), Lauren Jones emphasises the importance of sustainable home ownership. “For both first-time homebuyers and investors, getting into the market and seeing an initial uplift can be advantageous, but it’s essential to focus on long-term gains rather than short-term rewards.”
Lauren also urges buyers not to overlook opportunities as we approach the holiday season. She claims that sellers’ motivation peaks during the Christmas period. As well, with fewer buyers active in the market, there’s potential for buyers to find excellent deals with less competition.
How is Lauren navigating price growth in Brisbane?
The ongoing rise in Brisbane’s housing values has led Lauren Jones Buyers Agency to adjust its strategies. “We’re finding that as the market rises, we need to increase our minimum budgets each month to keep pace with changing conditions,” Jones explains. “Despite the challenges of low stock, we continue to see strong demand from a diverse range of buyers, including first-time homebuyers, investors, and relocators.”
As Brisbane’s property market evolves, Lauren Jones Buyers Agency remains committed to guiding clients through these changing conditions with expert knowledge and strategic, tailored advice.