Brisbane boasts an active property market with excellent rental yields, impressive population growth and affordable house prices. Savvy buyers are currently exploring Brisbane’s suburbs in search of those offering potential long-term growth – particularly those close to schools, shops and transport lines – the most desirable neighbourhoods usually boast all three qualities which attract families, professionals and retirees alike.
As seen by 2024 forecasts, Brisbane property market has been on an impressive upward trend for quite some time – driven by rising demand and low supply leading to rising prices and attractive yields. This momentum should remain in 2024 especially ahead of Olympic Games hosting and major infrastructure developments.
As with any market, certain suburbs are outperforming others. Those performing best tend to attract both local buyers and interstate investors with quality housing units offering convenient access to schools, employment opportunities, hospitals and shops – qualities which make the best performing places attractive.
CoreLogic data shows that Brisbane’s top performing suburbs are predominantly situated in its south. These include areas with above-average 12 month value growth, low vacancy rates and strong rental returns – reflecting buyer interest for lifestyle locations closer to city centres where shops, restaurants, sports grounds and public facilities can all be reached on foot.
Other top performing suburbs include Leichhardt, a family-friendly location with plenty of parks and schools that has seen houses stay on the market an average of nine days over the past year. At an affordable price point and within proximity to Griffith University and Logan Hospital make this popular among students as well as families alike. Real estate mogul John McGrath highlighted Leichhardt in his 2024 “Prepare to Take Off” report as one of his preferred Brisbane suburbs along with Hamilton (median house price: $1,900,000. Albion (1190,000.00), beachside Clontarf (719 000).
Worst performing suburbs tend to be those in newer areas which have been negatively impacted by COVID-19’s reduced demand and slow population growth, including high-rise apartment towers that received negative publicity before the pandemic and residential estates located in blue-collar areas.
There is no one-size-fits-all ‘Brisbane property market’; individual locations, postcodes and property types respond differently. Investors should do their research on trends and performance of local property markets; seek legal and financial advice as needed to navigate legal and financial complexities; be patient as opportunities align with long-term investment goals; then do everything possible to increase chances of success in this competitive real estate market.