Rapid population growth, lack of housing approvals & shortage of properties driving prices
Real estate in Brisbane city is seeing large growth across both its house and unit market, with no slowdown expected in 2024. There are a number of reasons to attribute to this rise in prices, including Australia's growing immigration numbers, a lack of housing approvals, and a shortage of properties on the market.
In fact, Brisbane listing numbers are down 18.3 percent compared to last year. This shortage of properties has resulted in an increase in competition amongst buyers, driving prices even higher.
Inner Brisbane city property has become highly desirable amongst buyers, leading to a surge in housing prices. This also comes at a time when dwelling approvals are down. 2023 has seen dwellings across Greater Brisbane drop by 49 percent (as of June). Combine this with the large number of people moving to the city, and it's clear why we're experiencing a shortage of homes.
With a shortage of properties on the market, now could be a good time to consider selling your Brisbane property. If you're interested in selling your apartment or home, get in touch with Junction Estate Agents today. We have an experienced team who are experts in the Brisbane property market and can help you achieve the results you want for your home.