As the new financial year begins, Cohen Handler offers invaluable insights into the property market, providing predictions to help navigate the months ahead. Jordan Navybox, managing director of Cohen Handler Queensland, highlights that this year has been marked by significant growth, including an expanding team and a new Brisbane HQ in development.
Brisbane’s housing market continues to demonstrate impressive strength, with substantial price growth and ongoing demand for high-quality properties. Cohen Handler is committed to maintaining its position as Australia’s leading buyers agency, offering top-tier insights and guidance to help clients make informed decisions in this dynamic market.
Brisbane remains one of Australia’s strongest capital city housing markets and is expected to continue its upward trajectory throughout the new financial year, with dwelling values steadily increasing. Since March 2020 property prices have gone up 71.7% (PropTrack Home Price Index) with property prices increasing in the last 12 months by 14.4%. ANZ Bank forecasts a 9-10% rise in Brisbane property prices for 2024.
The rental market in Brisbane faces low vacancy rates and rising rents (SQM Research), a trend likely to persist due to the upcoming 2032 Olympics and recent rental reforms, presenting a positive outlook for investors. CoreLogic highlights strong demand for detached houses in inner and middle-ring suburbs and lifestyle areas.
CoreLogic highlights that the strong demand for detached houses in Brisbane, particularly in the inner and middle ring suburbs, and the high demand for lifestyle areas, are likely to result in these locations outperforming more affordable properties in the outer suburbs.
Meanwhile, demand for apartments is expected to soften in some areas, an increasing number of Queenslanders are opting for townhouses in Brisbane’s inner suburbs as their preferred accommodation style.
Our Predictions
Brisbane: Investor Activity and Market Strength
In Brisbane, Anna Ellis notes that property investors are re-entering the market, driving price increases. This is widening the wealth gap as existing property owners leverage their equity to expand their portfolios. High-demand areas, especially those within a 40-minute commute to the city, are experiencing significant interest. Units and townhouses in desirable suburbs are poised for long-term growth due to limited new supply.
Joanna Zietek adds that the strength of the Brisbane market is underpinned by low supply, high demand, and steady migration into South East Queensland. Units and townhouses continue to perform well, driven by buyer preferences and affordability issues in prime locations. Meanwhile, Ben Grill points out increasing interest in Brisbane’s Northside suburbs like Northgate, Banyo, and Nudgee, thanks to their transportation access and family-friendly attributes. Unit investors are also finding success in areas like Clayfield, Kedron, and Everton Park, which offer solid capital growth and yield.
Southeast Queensland: Population Growth and Price Increases
Ryan Haller observes that the South East corridor is experiencing rapid price increases, fuelled by the fastest population growth in Australia and a shortage of new dwellings. The extremely high demand for properties continues to push prices up. Rebecca Lawler notes that Brisbane is seeing robust growth due to strong demand from local buyers and interstate relocations from Sydney and Melbourne. This influx is driving competition and higher property prices, especially in well-connected areas benefiting from infrastructure improvements and Olympic planning.
Inner-City Apartments and First Home Buyers
Nikki Carrodus reports that the apartment sector in inner-city Brisbane remains strong, with excellent capital growth and yields. Renters entering the market are benefiting from first home buyer stamp duty concessions, making it an advantageous time for first-time buyers. Arpit Singh adds that inner-city unit prices are rising significantly, with strong demand for rental properties offering high yields.
Commercial Insights
Stuart Shaw shares that Queensland remains an attractive destination for investment capital, with strong demand for industrial property transactions and renewed confidence in the retail sector. However, accessing quality properties across sectors continues to be a challenge.
Gold Coast: The Beachside Boom
The Gold Coast is set to continue its rapid growth, particularly in beachside locations. Luke Serhan highlights that suburbs from Mermaid Beach to Coolangatta are seeing strong buyer interest from both interstate and overseas. Buyers understand there are limited beachside properties and they are really well priced compared to the national market. This high demand is driving prices up and making the Gold Coast a hotspot for second dwellings and property investment.
Oscar Lewis adds that the market on the Gold Coast is expected to remain tight, with more stock anticipated in the spring. However, this increased supply is still unlikely to meet the high demand, leading to steady price increases. The competition for quality homes remains high, especially among buyers relocating from Sydney and Melbourne.
Sunshine Coast: Rising Prices and New Developments
On the Sunshine Coast, Aaron Thompson expects the median house price to reach around $1.1 million within the next 12 months. Significant growth is anticipated in southern beachside suburbs like Currimundi, Wurtulla, and Battery Hill. New housing estates such as Aura in Caloundra West and Harmony in Palmview are also performing strongly, with rising entry-level pricing driven by high demand and low stock.
Future Outlook and Growth
Mitch Chapman anticipates the first interest rate reduction by mid-2025 despite continued low stock levels. Prices are projected to increase by 8-12% over the next year, reflecting a resilient and dynamic market.
We are excited about the future and committed to helping you navigate the complexities of the property market. Our team’s insights and expertise are here to guide you through every step of your property journey.
Stay tuned for more updates and insights as we embrace the new financial year with optimism and dedication.
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