By Rich Harvey, CEO & Founder, propertybuyer.com.au
For decades, the New South Wales Central Coast region was in a property market holding pattern. It was flying under the radar of homebuyers and investors alike. But COVID’s significant upheaval brought the region into the limelight. Now, a raft of drivers across the political and economic spectrum will deliver exciting times to the Central Coast – and those who own property will be among the biggest beneficiaries.
Anthony Knight, Principal buyers’ advocate for Propertybuyer on the Central Coast, has lived in the region for decades. We recently chatted about the region and why he’s excited about what’s to come.
The Brisbane property market in 2024 continues to be a focal point for investors and homebuyers alike, driven by its strategic location, increasing demand, and long-term growth potential. A mix of affordable housing options, prestige properties, and booming growth corridors like Greater Springfield has positioned Brisbane as a top-tier investment destination, with substantial opportunities for capital appreciation.
Overview of the Brisbane Property Market
Brisbane’s market resilience, bolstered by strong population growth, government infrastructure spending, and a burgeoning economy, continues to deliver consistent returns. Investors are drawn to Brisbane’s comparatively affordable real estate, while homebuyers are finding value in the lifestyle and growth opportunities offered across the city. Brisbane’s property market benefits from its unique decentralization of employment, where jobs are not concentrated in one central location, but spread across various key hubs and employment clusters, which supports demand in a broad range of areas.
Capital Growth in Prestige Real Estate
The demand for prestige real estate in Brisbane remains robust, with affluent buyers attracted to the city’s high-end suburbs, which offer lifestyle benefits that are more affordable compared to Sydney and Melbourne. Suburbs like Ascot, New Farm, Hamilton, and Bulimba continue to dominate the upper end of the market, offering a mix of character homes, riverfront properties, and proximity to exclusive amenities such as private schools and boutique shopping districts.
Key factors driving the prestige market include:
1. Strong Interstate Migration: With an influx of buyers from Sydney and Melbourne, Brisbane’s luxury market continues to thrive. High-net-worth individuals are capitalizing on the city’s relative affordability and access to lifestyle-enhancing amenities.
2. Limited Supply: Prestige properties in sought-after Brisbane suburbs are limited, especially along the riverfront and in areas where zoning restrictions maintain the character and exclusivity of the neighbourhoods. This scarcity is expected to drive further capital growth as demand consistently outstrips supply.
3. Olympic-Driven Infrastructure Boom: With the 2032 Olympics approaching, the prestige property market is poised to benefit from global attention and substantial infrastructure investment. Buyers are already positioning themselves in prime locations, anticipating both immediate lifestyle gains and long-term capital appreciation as Brisbane undergoes its transformation.
Luxury properties in these suburbs are consistently achieving record prices, with many sales exceeding $3-5 million. Demand in this market segment is expected to remain strong, driven by continued migration, lifestyle appeal, and Brisbane’s evolving status as a key Australian city.
Greater Springfield: A High-Growth Hub with Massive Infrastructure Investment
Greater Springfield is fast becoming one of Australia’s most significant urban development projects, with $70 billion worth of commercial infrastructure planned. Rather than being considered an outer suburb, Greater Springfield has established itself as a self-sustaining metropolis with extreme job growth, particularly in high-end industries such as health technology and advanced manufacturing.
The suburb’s strategic importance is underscored by the rapid development of its healthcare and technology sectors. Springfield is home to the Mater Private Hospital and a burgeoning healthcare precinct, which is driving job growth in the health and wellness industries. Additionally, the area is experiencing a surge in high-tech and innovation-driven industries, positioning it as a hub for professionals and specialists in cutting-edge fields.
Why Greater Springfield is set for significant capital growth:
1. Massive Infrastructure Investment: The $70 billion being poured into commercial, educational, and health infrastructure is not only transforming Springfield into a fully integrated city but also creating thousands of high-value jobs, increasing demand for housing and services. This ongoing investment will ensure long-term capital growth as more industries and employers establish a presence in the area.
2. Health and Technology Job Growth: Springfield is rapidly becoming a key employment hub for professionals in advanced healthcare and technology sectors, drawing skilled workers from across Queensland and beyond. The focus on high-end industries positions Springfield as a future-proof location that will continue to see increased demand for both residential and commercial properties.
3. Exceptional Connectivity: With a well-established transport network linking Springfield to Brisbane’s CBD and other key employment clusters, the area provides residents with access to the best of both worlds. The robust rail and road links offer convenience for commuters while allowing Springfield to thrive as a job-rich, self-sustaining centre in its own right.
4. Decentralized Employment Clusters: One of the standout features of Brisbane’s broader property market is the decentralization of employment. Rather than being reliant on a single CBD, the city’s job opportunities are spread across multiple clusters, such as Chermside, North Lakes, and Brendale, in addition to Greater Springfield. This diffusion of employment ensures that areas like Springfield enjoy continuous demand, with people seeking homes closer to where they work, ultimately driving sustained capital growth.
Greater Springfield’s transformation into a key economic hub means that it offers investors significant opportunities for capital growth. As the population grows and the job market in high-end sectors expands, property values in Springfield are set to climb, providing long-term returns for astute investors.
Affordable Suburbs with Strong Capital Growth
Beyond Springfield, Brisbane’s property market presents numerous opportunities for buyers seeking affordability alongside capital growth potential. Suburbs with median prices below $1.2 million are particularly appealing for first-home buyers, families, and investors who want to enter the market without sacrificing long-term appreciation prospects.
Some of the most promising affordable suburbs include:
1. Keperra: Situated 9km from the Brisbane CBD, Keperra is an emerging star in the property market. With a median house price of around $800,000, it provides excellent value for buyers while offering proximity to major transport links, shopping centres, and schools. Keperra’s growth is driven by its gentrification, with younger families and professionals moving in, which is gradually pushing up property values.
2. Chermside West: Offering proximity to Westfield Chermside, Brisbane’s largest shopping centre, and a range of healthcare and educational facilities, Chermside West remains a strong performer. The suburb offers family-friendly living at an affordable price, with median house prices just under $1 million. The continued demand in this area makes it a prime candidate for capital growth as more buyers seek affordable options close to key amenities.
3. Carindale: With its blend of affordability and liveability, Carindale has long been a favourite for families looking for larger homes close to the city. With a median house price hovering around $1.2 million, Carindale provides excellent access to parks, schools, and shopping while being well-connected to Brisbane’s CBD. Strong demand for family homes ensures ongoing capital growth.
4. Moorooka: Located 7km from the Brisbane CBD, Moorooka’s property market offers a combination of character homes and new developments, with a median house price of approximately $950,000. Its proximity to employment hubs and public transport ensures that demand remains high, with the potential for further gentrification pushing up prices over the coming years.
Key Trends Shaping Brisbane’s Property Market
1. Decentralized Employment Hubs: Brisbane’s property market benefits from its multiple employment clusters spread across the metropolitan area. As the city grows, decentralization ensures that more suburbs, especially those located near these hubs, see continuous demand and price growth. Areas like Greater Springfield, Chermside, and Brendale are experiencing high demand due to their proximity to key employment zones, offering a strong foundation for future capital growth.
2. Infrastructure Investment: Brisbane’s ongoing infrastructure development continues to support property market growth. Projects like Cross River Rail, Brisbane Metro, and additional urban renewal initiatives will enhance connectivity and accessibility across the city, making it easier for people to commute and increasing demand in key growth corridors.
3. Interstate Migration: Brisbane remains an attractive option for interstate buyers, especially those relocating from Sydney and Melbourne. The city’s relative affordability, coupled with its desirable lifestyle, continues to drive demand across both the prestige and affordable market segments. Many of these buyers are choosing to live in suburbs that are located near employment clusters, further driving demand in these areas.
4. Olympic Games Impact: As Brisbane gears up for the 2032 Olympic Games, long-term investors are increasingly looking to buy property in areas that stand to benefit from the influx of global attention and infrastructure development. The Games will serve as a catalyst for growth, particularly in suburbs with easy access to venues and transport infrastructure.
Conclusion
Brisbane’s property market in 2024 offers compelling opportunities for investors and homebuyers across a variety of price points and growth areas. Prestige suburbs like Ascot and Hamilton continue to benefit from high demand and limited supply, ensuring steady capital appreciation. At the same time, growth hubs like Greater Springfield, with its $70 billion infrastructure investment and booming health and technology sectors, are emerging as significant contenders for exceptional capital growth.
In Brisbane’s more affordable 10km ring suburbs, areas like Keperra, Chermside West, Carindale, and Moorooka present strong opportunities for those looking to invest in properties under $1.2 million. These areas, supported by proximity to decentralized employment hubs and major infrastructure projects, are well-positioned for future growth.
As Brisbane’s economy and population continue to expand, driven by both local development and interstate migration, the city remains a key market to watch for investors seeking long-term capital growth and strong rental yields. Whether you’re seeking a luxury estate in New Farm or an affordable home in one of Brisbane’s emerging suburbs, the opportunities in this dynamic city are abundant. Using a local Brisbane Buyers Agent to help you find the right location, quality properties, off market opportunities and independent advice, is a good strategy for home buyers and investors alike.
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