Brisbane housing market update [video] | July 2024

Nationally, home values rose another 0.5% in July on par with the 0.5% increase recorded in June and the 18th consecutive monthly increase in home values nationally.

Brisbane dwelling values rose another 1.1% in July, adding $9,820 to the median value of a home over the month.

Housing values are up 16% over the year, or in dollar terms, about $120,250 in 12 months.

Brisbane house prices graph

Source: CoreLogic
Growth in Brisbane unit values is diverging from houses, with values up 5.8% over the past three months for units and 3.4% higher for houses.

The stronger performance across the unit sector probably reflects a combination of affordability constraints deflecting more demand towards the lower price points of the unit sector, but also lower supply levels across the unit market where listings are tracking 43% below the previous five-year average.

Growth in regional housing values is once again lagging behind the capitals with a rolling quarterly rise of 1.3% across the regionals index compared with a 1.8% gain across the capitals.

Mimicking the growth pattern seen across the capital cities, regional Western Australia, regional South Australia, and regional Queensland led the role in quarterly change.

Regional Victoria was the only rest of state market to record a decline in values over the three months ending July with values down 1.4%.

Another broad theme in the housing data is that unit values are rising faster than houses across most of the capital cities.

The only exceptions over the past three months were Darwin and the ACT, where affordability barriers are less pressing, and also there's a history of higher supply levels across the medium to high density sectors that's been more apparent.

You may also want to read: National Housing Market Update

About Tim Lawless Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au