Brisbane’s median house price to hit $1 million in 2024

Seemingly nothing can stop Brisbane property prices from surging higher, with experts now predicting that median house prices will soon eclipse the $1 million mark.

According to Domain, a persistent supply shortage and strong demand, despite a sharp slowdown in the pace of growth, will mean the capital of the Sunshine State will reach the million-dollar mark by the end of this year.

CoreLogic data shows that Brisbane house prices currently sit at $937,479 and are the third highest in the country, only slightly behind Canberra in second place.

So far in 2024, Brisbane house prices are up 5.6% putting them on track to potentially cross that exclusive barrier in the near future.

Domain Economist, Nicola Powell said Brisbane house prices moved through their fifth consecutive quarter of growth to start the year, lifting annual gains to the steepest since September 2022 to reach a record high. 

However, despite the persistent growth, the pace of quarterly gains are losing momentum.

She said in the first quarter of this year, growth increased three times slower than the previous quarter and now sits at 1.6% compared to the long-term average of 2.6%.

Meanwhile, Brisbane unit prices moved through a 10th successive quarter of growth to reach another record.

Quarterly gains for units are almost 1.5 times faster than the previous quarter Dr Powell said.

She said this marks the longest stretch of continuous growth seen for units since 2005-08. 

Annual gains are also the second sharpest of all the capital cities only behind Perth, reaching double-digits to top the city’s fastest increase in 16 years (at 17.1%). 

Brisbane units continue to outperform houses, closing the price gap to a nearly three-year low, with houses being 68% more expensive than units.

Despite slowing growth, Dr Powell expects property prices to keep on increasing.

Brisbane has been at the forefront of massive migration from the southern states as well as from overseas. With the Olympics also coming to QLD, that is also having an early impact and it’s likely to only increase from here.

For the most part, people from both Sydney and Melbourne have been relocating to Brisbane. Many have been drawn to the relative affordability and more spacious options for families.

Despite the median price rising, buying a house is still achievable in Brisbane for many young couples with families. However, in Sydney, they are broadly out of reach for most in inner city areas.

With that affordability gap still wide, it’s expected that the influx of residents will continue.

At the same time, supply levels have not been able to keep up with all the new people moving in. When that happens, prices can really only go one way.

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