Queensland housing market hits a new record high
Queensland’s property prices have surged to a new record high to start the year. Experts say the only way is up for values in 2024 to the dismay of prospective buyers.
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00:00 It's a muggy Wednesday afternoon in Brisbane, but that's not the reason these open home
00:07 viewers are feeling the heat.
00:09 Prices are skyrocketing and it's a race against the clock really to get into the market.
00:15 By the time we get to the first inspection, an offer's already been made, so a bit frustrating.
00:20 Brisbane property prices rose more than 13% last year.
00:25 Already in 2024, they're up a further 1%.
00:29 Brisbane is expected to be one of the stronger market performers in 2024 due to a combination
00:35 of a slightly lower price point, but also ongoing strength in migration trends.
00:41 We're seeing anywhere between 3 to 5% between now and say the next three months and then
00:46 another 5% in the back end towards the end of the year.
00:50 The interest in properties for 2024 has started off much stronger than it finished last year.
00:55 That's thanks in part due to interstate migration to Queensland, which is almost double the
01:00 decade average.
01:02 And demand is far outstripping supply, with property stock 30% lower than usual.
01:08 Even prospective sellers are in a bit of a deadlock because if they put their property
01:12 on the market, the question is where are they going to go?
01:15 Regional home values are expected to cool from their post-COVID boom.
01:20 We are still seeing that very strong anywhere between 7 to 9% growth in regional areas.
01:26 For some, it's time to take advantage.
01:28 You can't change the rules of the game, so you have to sort of look after yourself and
01:33 my partner and I are just looking at getting an investment property as a result.
01:36 For first home buyers...
01:37 Hang in there.
01:38 Like it is a rough market out there unfortunately.
01:41 [BLANK_AUDIO]