The Brisbane Property Market: Then … Now … Future

Let’s take a step back to 2004 to look at what has happened in the market dynamics of the Brisbane market and compare to today.

To help putting you back in time to 2004:

Mark Zuckerberg co-released Facebook.

Shannon Noll topped the charts with his remake of What About Me.

Canterbury Bulldogs won NRL Premiership (and haven’t won one since).

John Howard retained position of Prime Minister beating Mark Latham.

2004

• In 2004, Brisbane's property market was experiencing steady growth fuelled by factors such as low-interest rates, population growth, and infrastructure development.

• Property prices were affordable compared to Sydney and Melbourne, making Brisbane an appealing option for investors seeking value.

• Suburbs like Paddington, New Farm, and West End were emerging as trendy areas attracting young professionals and investors alike.

2024

• Fast forward to 2024, Brisbane's property market has undergone significant evolution. The city has experienced rapid population growth, driven by interstate migration and international immigration.

• Infrastructure development, including major projects like the Cross River Rail and Queen's Wharf precinct, has transformed the cityscape, enhancing its appeal to investors.

• However, increased demand has led to substantial price appreciation, with Brisbane now considered one of Australia's most expensive property markets outside Sydney and Melbourne.
  

Let’s look at some statistics.

In 2004 – 102 suburbs across Brisbane (including Moreton Bay, Ipswich, and Logan) had a median price below $300,000.

In 2023 – there were none.

In 2004 – 23 suburbs had median price above $500,000.

In March 2023, 126 suburbs were above this figure and less than 12 months later, this number would have increased significantly again.

Looking at specific suburbs and median house prices.

New Farm      2004 - $629,000                 2023 -  $2.7million

Ipswich          2004 – approx. $200,000    2023 -  $693,000

So where to from here ….

It would be great to have a crystal ball, however with no indication of a slowing of immigration levels, a steadying of interest rates, demand continuing to be high and speculation of the 2032 Olympics driving prices higher, it suggests that the median price of housing will continue to climb.

To paraphrase the saying – the best time to buy property was 20 years ago, the second best is today.

As a buyers agent, 5Keys can assist in helping to find, negotiate and secure your next property purchase in the Greater Brisbane area.

Contact us to see how we can assist

Please feel free to leave a comment or email direct to bernie@5keys.com.au