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Brisbane’s Housing Market Continues to Soar in 2024

Brisbane’s housing market has shown impressive growth in the first quarter of 2024, according to the latest PropTrack Home Price Index report. Home prices in Brisbane have risen at a fast pace, now standing 12.90% above March 2023 levels. This robust growth has been accompanied by a further 0.41% increase in prices in March, and a 2.22% rise in the first quarter of 2024.

 

The report highlights that all capitals, except Hobart, saw prices rise in March, with Perth, Canberra, and Brisbane experiencing the strongest growth. Brisbane’s performance is particularly noteworthy as it is among the smaller capitals that have outperformed throughout the past year, a trend that persisted into March. Brisbane home prices hit record highs with annual growth of 12.90%.

The PropTrack report also notes that prices in capital cities have outpaced regional areas this year to date. However, regional Queensland, which includes areas outside of Brisbane, also saw significant growth, with prices increasing by 0.49% in March.

The strong performance of Brisbane’s housing market is part of a broader national trend. National home prices increased by 0.34% to reach a new record in March, bringing prices up 1.57% so far this year to sit 6.79% above March 2023 levels. The PropTrack Home Price Index report uses a hybrid methodology that combines repeat sales and hedonic regression to estimate the change in home prices. This methodology is designed to provide an accurate measure of housing price movements that is not affected by the quality and location of the sample of homes that transact in a given period.

In conclusion, Brisbane’s housing market has shown strong growth in the first quarter of 2024, outperforming many other capital cities and contributing to the overall rise in national home prices.

 

 

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