Brisbane Property Market & House Prices
Brisbane is the capital and largest city in Queensland, as well as the country’s third most populated property market. The housing market in Brisbane is experiencing a change. This has been attributed to population growth, tourism and migration.
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Brisbane is not immune to economic downturns but its property market has remained relatively stable during times of high unemployment and low wages growth. The city’s property market was hit hard after the 1991 recession with house prices declining by 11%. But since then, this has been one of the most resilient economies in Australia. The Brisbane property market is currently experiencing strong growth, with large numbers of properties being purchased by investors.
Property Sub-Markets in Brisbane
Unlike other capital cities in Australia, Brisbane has no local government area subdivisions. HtAG Analytics reports the real estate metrics at the LGA level. Users are then able to ‘drill down’ to suburb metrics from the LGA dashboard. Because this is not possible for the Brisbane market we’ve segmented Brisbane into 5 artificial LGAs: Inner Brisbane (17 suburbs), Eastern Brisbane (11 suburbs), Western Brisbane (37 suburbs), Northern Brisbane (45 suburbs), Southern Brisbane (51 suburbs).
The GRC chart below illustrates the differences in the 5 markets. Historically Eastern Brisbane and Southern Brisbane markets were subject to higher volatility than neighbouring regions. Whereas Inner Brisbane shows less volatility with a steady Year on Year price increase hovering around 5%.
Market Outlook for Brisbane Properties
The economic outlook for the Brisbane property market in 2021 and beyond is looking positive. Brisbane is experiencing an increase in new job opportunities because of its increasing positioning as a major economic hub on par to Sydney and Melbourne. It’s also beginning to attract millennials due to lifestyle and climate advantages over other capital cities, which have higher prices and longer commutes respectively.
It is very possible that incomes will rise for both households and businesses because of these developments. This typically creates a positive follow-on impact on the local property market. HtAG projections show that Brisbane house prices will likely increase by 10-15% in the next 2 years.
As with any other property markets in Australia, Brisbane ties in with the main trends in global economy. Therefore, global developments have always had an impact on Brisbane property market due to interest from foreign investments. Unlike Sydney and Melbourne, Brisbane house prices are very affordable for both domestic and foreign investors on a budget.
Not surprisingly, some experts predict that it’s only a matter of time before Brisbane’s property market boom accelerates. New infrastructure projects related to the 2032 Brisbane Olympics will most definitely have a positive impact on house prices in Brisbane too.
Typical Occupations and Dwelling Types in Brisbane Property Market
Brisbane is home to a lot of white collar employees. According to ABS, Professionals account for 29.9% of employment in Brisbane, followed by Clerical and Administrative Workers at 14.6%, Managers at 13.1%, Technicians and Trades Workers at 10.5%, and Community and Personal Service Workers at 10.1%. In Brisbane, the typical weekly personal income for those aged 15 years and older is $770.
In Brisbane, 67.4 % of occupied private residences are detached houses, 10.4 % are semi-detached, row or terrace houses, townhouses, or other dwellings, 21.3 % are flats or apartments, and 0.4 % are other dwellings.
Whether you’re a first-home buyer or a seasoned investor, it pays to know where the market is going. Explore the data on this interactive dashboard and find Brisbane suburbs positioned for capital growth.
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Suburb Heatmap Analysis
Property Market Snapshot
This page provides an overview of the LGA real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this council area. You are able to drill down to suburb-level data and charts which visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.
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Lower Risk RCS™
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Capital Growth RCS™
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Cashflow RCS™
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Essentials
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Fundamentals
Supply
Stock on Market
Inventory
Hold Period
Building Approvals
Demand
Days on Market
Vacancy Rate
Clearance Rate
Search Index
How was this calculated? Typical Price is a continuous metric calculated via a process called data fitting. Median Rent is weekly advertised rent based on rentals over the preceding 12 months. Gross Yield is Median Rent x 52 x 100 / Typical Price. To discover additional information, click the “i” icon in the top left corner of each graph or visit the Data Dictionary page.
Have a question? You can either leave a comment below or post it on our forum.
Property Market in Brisbane
Brisbane is surrounded by 5 other council areas – Redland City, Logan City, Ipswich City, Somerset Regional, Moreton Bay Regional.
It is estimated that approximately 2.45M people live in the Greater Brisbane Area. The population is projected to increase by 30,000 people every year.
The population in terms of ancestry is made up of many descents: English (39.7%), Australian (34.6%), Irish (13.2%), Scottish (11%), German (6.4%) and Chinese (4.7%). English is the most spoken language here, especially at home.
The three largest industries in Brisbane are healthcare, retail and manufacturing. Other notable industries are professionals, construction, education, public administration, accommodation and food services.
The average unemployment rate in Brisbane is 4.5%, which is .1% lower than the country average. The rate declined by 2.2% since 2020, which is a good sign for the local economy and property market.
According to Department of Transport and Main Roads there are 55 active projects in Brisbane. Some notable projects are Bruce Highway Upgrade, Caboolture Bribie Island Road Upgrade, Carnarvon Highway Upgrade, Coomera Connector, Jointly-funded Australian Government $415 million road stimulus package.
On average there are 20 land releases reported for Greater Brisbane every quarter. New land releases are common in Rothwell & Newport, Samford Valley Bridgeman Downs & Albany Creek, Mitchelton & Everton Park, Collingwood Park, Springfield as well as other areas.
Brisbane’s Resilient Property Market to Continue! Across the East Coast of Australia, much of the focus is always on Sydney and Melbourne. While those two capital cities have seen strong increases in house prices during the last growth cycle, their northern cousin could be set to outpace them both in the months and years ahead.
Brisbane has not only been able to buck to price falls that much of the East Coast has experienced since mid-2017, but there have many many areas that have outperformed. In fact, typical house prices in Brisbane have increased from $727,000 in Q2 2017, to where they currently sit at $783,000. Contrast that to Sydney which has seen median house prices stagnate since the start of 2018.
At the same time, the unit market looks like it has the potential to keep growing and continue on the current uptrend that we’ve seen. However, there is some chance of a short-term dip in the market, which is something that a number of inner-city markets have experienced across the country thanks to a decline in tourism and students because of border closures. These are traditionally renters of inner-city apartments.
Going forward, there’s likely to be even more attention on areas like Brisbane and even regional Queensland in the months ahead, given the way in which the state has navigated the most recent COVID crisis.
In what has been a bit of trend across the country at the moment, the strongest price growth has been coming from the suburbs that are priced above the city median. Of the top 10 Brisbane suburbs from the past 12 months, 9 out of 10, have a median house price that is above the city-wide median of $783,000. For the most part, the best performing suburbs are all within close vicinity to the CBD.
One of the leading suburbs in the last 12 months has been Chapel Hill, which is located around 7km west of the CBD. Over the previous 12 months, houses in Chapel Hill have seen strong growth, increasing in value by +8.33% (assessed with medium confidence), taking the typical value to $962,000. Overall Chapel Hill has been a strong performing suburb for an extended period of time and has seen consistent growth, which started all the way back in 2013. However, according to HtAG analysis, it appears that Chapel Hill might be reaching a near-term top in terms of the amount of growth its seen in recent times. The high annual growth rate of 8.33% is expected to fall to under 2% by next year and the cycle is assessed as being at its peak.
Back to the west of Brisbane and we can see that Sherwood is another suburb that has been performing strongly over the past 12 months. Sherwood is around 8 kilometres from the CBD and features medium-density housing. The typical house price in Sherwood has increased over this period by +6.06% (assessed as medium confidence), taking it to $996,000. In terms of the property cycle for houses in Sherwood, it appears that in the short-term at least, this suburb has already experienced the bulk of its growth. With the projected capital growth rate expected to slow down to +2.7% by Q3 2020 and is also likely at its peak according to HtAG forecasts.
For the Brisbane unit market, Bulimba in Brisbane’s east is one suburb that has seen very strong growth over the past 12 months. Unit values in Bulimba have grown +20.29% based on 22 sales over the last quarter and it is assessed as medium confidence. That has seen the typical price rise to $947,000 – again well over the cities typical. The current growth cycle is not likely to maintain a rate that high with the cycle assessed as being at its peak, but it does appear there will be more growth ahead both this year and next.
Looking at what is in store for many of the suburbs of Brisbane over the next two years and once again it does appear that there will be a real flight to quality. Again, the top 10 suburbs according to HtAG growth forecasts, focus heavily on suburbs that are above the typical price, suggesting the flight to quality is still happening. These higher-end areas are less likely to owners that are impacted by mortgage stress and are generally wealthier.
Yeerongpilly, located around 8 kilometres south of Brisbane’s CBD is expected to see growth of +9.85% over the next two years, with medium confidence, according to HtAG forecasts. That would take the typical house price to $968,000 form where it currently sits at $888,000. In terms of where Yeerongpilly currently sits on the growth cycle, we should see further upside in both 2021 and 2022, with the cycle being assessed as a rising one according to HtAG, with a medium level of confidence. Yeerongpilly is already coming off an impressive 12 months, that saw house values increase by 7.63%.
Now to Manly. No, we’re not talking about Manly in Sydney, but Manly in Queensland, which is located on the water in Brisbane’s East. HtAG is forecasting typical house prices to grow in value by +8.88% over the next two years with medium confidence. House prices in Manly have seen steady growth over the last over the past decade with a steady upward trend. In terms, of where the suburb currently sits for house price growth, it looks like the next few years will be strong and the market is assessed as being a rising one.
For the Brisbane unit market, Yeronga appears to be poised for good growth over the coming two years according to forecasts from HtAG. Typical unit values are expected to rise by +4.24% taking the typical price to $527,000. This price growth comes off a very impressive 12 months where values have risen by +17.95%. In terms of where Yernoga sits in its growth cycle, it looks like there will be positive growth over the next two years. HtAG has assessed this market as being at its peak.
While many areas of the country come under pressure, Brisbane appears to be a city with plenty to like in terms of potential growth.
Note how Brisbane has started to grow rapidly in the past few years. When the prices pullback – what is your prediction for the percentage of decrease?