Property Forecast: 3 Factors Driving Brisbane’s Property Market in 2024

The big question on everyone’s mind – is Brisbane’s property market going to slow down in 2024? 

We definitely don’t think so!

The main factors influencing demand for luxury property in 2024 are dynamic and interconnected, and today we’re going to walk you through the main themes that we predict will be pivotal for sellers throughout the year. 

Infrastructural Developments are Transforming Brisbane

With a number of major projects already well underway, we can expect to see our city transform into a cultural and economic hub in the coming years. It’s safe to say that Brisbane has a bright future, with plenty of opportunities for property and business investors on the horizon.

The $3.6 billion Queen’s Wharf Development, the $2.5 billion Dexus Waterfront Brisbane Development, and the rebuilding of The Gabba are just a few initiatives that we can anticipate to have major implications for our city, and we are eagerly awaiting their completion!

Better yet, major upgrades to the transport infrastructure of Brisbane, including the Cross River Rail project, Metro System, and new Green Bridges, are all set for completion in late 2024 – making the city more accessible and connected than ever.

Migration is Driving Growth

The current migration trends are one of the key growth factors of Brisbane’s property market – and in 2024, we can expect this to reach new heights! 

With aforementioned infrastructural upgrades in the pipeline, we can expect interstate (primarily from NSW and Victoria) and international migration to continue to soar this year and beyond – which will continue to drive demand for homes, and of course, property prices.

In fact, CoreLogic recently reported that Brisbane’s property prices rose by an additional 1% in December of 2023, setting the tone for the market  in the year ahead. For many, this will place pressure on demand for homes in inner-city Blue Chip suburbs that provide livability, mobility, and job opportunities.

Economic Factors Point to a Strengthened Market 

Tax incentives, restrictions on foreign investment, and encouragement for more construction included in recent Government Policies will continue to have a positive impact on the property market in Australia this year.

Underpinned by both infrastructural development and population growth, we can expect employment opportunities to boom, building upon the already primed economic conditions.

Alongside settling inflation and interest rates that have likely reached their peak, buyers are ready to step back into the market. The result? A resurgent increase of market activity in 2024, and plenty of opportunity for sellers!

Ready to Make the Most of Property Trends?

Brisbane’s property market is showing no signs of slowing down this year, don’t miss your chance to capitalise on your investment! If you’re searching for the perfect agent to sell your property, do not hesitate to reach out to the experts at team Oliver Jonker today.