Navigating the New Year: Property Trends in South East Queensland

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As we stand on the threshold of 2024, the real estate scene in South East Queensland is getting ready for quite a ride. Brisbane and the Sunshine Coast are standing out with steady and predicted upswings in property yields. These places are turning into hotspots of growth and opportunity. 

Despite a series of unrelenting interest rate hikes, cost of living pressures and a range of other factors the South East Queensland property market has proven resilient. In this article, we’re going to shed some light on the trends shaping the property scene in these areas and offer some handy insights if you are looking to buy or sell in the region. 

1. Brisbane’s and greater region’s resilience and Olympic dreams:

Brisbane, often praised for its resilience, is gearing up for a robust property market performance in 2024. Despite a temporary dip in housing values in 2022, the city experienced a remarkable turnaround in early 2023, with prices surging consistently. The anticipation of hosting the 2032 Olympics has become a catalyst, placing Brisbane firmly on the global map. Naturally, there is a flow on from the games, with events being hosted across a range of locations throughout South East Queensland. 

Federal government forecasts predict a population surge of more than 16% in Queensland by 2032, coinciding with the Olympic Games. This foresight suggests that now is an opportune time to consider entering the South East Queensland property market. The unique lifestyle and economic benefits, coupled with ample job opportunities, make the region an attractive destination for both local and overseas migrants.

2. Sunshine Coast’s Exponential Growth:

The Sunshine Coast is stepping into the spotlight as a real estate powerhouse. BIS Oxford Economics predicts a staggering 19% growth in the median house price on the Sunshine Coast over the next three years, outpacing Brisbane’s growth projections [Source: Oxford Economics Australian Housing Outlook]. The region’s rapid population expansion post-COVID has been a key driver, maintaining market price growth at a faster pace than the state’s capital. Right now in 2024, Domain has predicted a growth rate of 4-6% easily in the top 10 property markets across the nation. [Source: Domain]

3. Infrastructure Challenges and Solutions:

With growth comes challenges, and South East Queensland is not immune. The Sunshine Coast, in particular, has faced an undersupply of housing, and buildings over the past decade instilling an ongoing demand. As the median house price is projected to reach $1 million, it’s imperative to balance growth with housing diversity.

Sunshine Coast Council’s recent move to send a mass transit options analysis report to the state government signifies a step towards addressing infrastructure challenges. Options like trackless trams, wireless light rail, and bus rapid transit systems are under consideration, aiming to facilitate faster and more efficient transport  [Source: Sunshine Coast Council ]

4. The Long View for Investors:

For those considering property investment, South East Queensland, particularly the Sunshine Coast, represents a strong return. The region’s resilience, coupled with the anticipated Olympic-driven growth, positions it as a strong investment choice. Closer to home and the Sunshine Coast’s combination of rapid population growth and strategic local improvements point toward a promising future.

As the New Year unfolds there are promising prospects across South East Queensland, greater Brisbane and the Sunshine Coast for property aficionados and those looking to get a foothold in the market. Whether you are looking to buy, sell, or invest, understanding the nuances of each market is key. At Country Side Noosa Realty, we are committed to guiding you through these exciting real estate journeys. If you have any questions about our regions in particular the Noosa Hinterland be sure drop by and say g’day.


Further reading and sources

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