Greater Brisbane property prices have seen substantial growth across all major dwelling types over the year to March 2024. The median house price rose by 7%, reaching $824,000 – a notable increase that reflects the demand for detached houses in the region. However, this growth was overshadowed by even higher increases in unit and land prices, both of which surged by 13%. This led to a median unit price of $555,000 and a median land price of $359,000.
These significant rises highlight the sharp supply-demand imbalance in Brisbane’s property market, driven by low levels of housing supply and record population growth. The high demand for housing is putting upward pressure on prices, adding further challenges for buyers already faced with high cost of living expenses.
In addition to rising property prices, the average build price in Greater Brisbane increased by 6% over the year to March 2024 to $443,855. When combined with the median land price of $359,000, the average house and land package now costs $802,855 – a $66,334 increase over the year.
Despite this notable rise in house and land prices, it remains below the established median house price – providing an opportunity for those looking to enter the market at a more achievable price point.
This article references findings from our May SEQ Greenfield Market Report.