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Brisbane housing market update [video] | March 2024 - featured image
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Brisbane housing market update [video] | March 2024

Housing values posted a broad-based rise in February, with CoreLogic's National Home Value Index up 0.6%.

This was a 20 basis point acceleration from the 0.4% increase seen in January and the strongest monthly gain since October last year.

Each of the capital cities and rest-of-state regions recorded a lift in values over the month, except Hobart, where the market was down 0.3%.

Housing values have been more than resilient in the face of high interest rates and cost of living pressures.

With a monthly rise of 0.9%, Brisbane continues to stand out as one of the strongest markets for housing values.

Brisbane Housing Market Update | March 2024

The ongoing rise in values reflects a persistent imbalance between supply and demand, which varies in magnitude across the cities and regions.

But the pace of growth has been losing momentum since moving through a cyclical high in Apil of last year at 1.7%.

The past 12 months have seen Brisbane dwelling values rise by 15.6%, adding just over $108,000 to the median value.

Bris 01

Unit values have generally underperformed relative to houses through the recent growth cycles, however, the past three months have been unit values rising faster than houses, at 3.6% and 2.8% respectively.

Bris 02

We're starting to see affordability constraints deflect more demand towards the unit sector.

Potentially, we're starting to see some early signs of a boost to housing confidence, as inflation eases and expectations for a rate cut, or cuts, later this year, firm up.

The re-acceleration and value growth have been accompanied by a bounce back in auction clearance rates and in consumer sentiment.

A rise in sentiment suggests that households will have a better ability to make decisions around large financial commitments, like a property purchase.

Growth in rental values has also re-accelerated through early 2024, with a monthly pace of change rising to 0.9% in February, the highest reading since March last year.

This re-acceleration also saw the rolling quarterly change in rents rise to 2.4%, the highest since May last year.

The pickup in rents is mostly a seasonal phenomenon, with the first quarter of the year historically showing an accelerating trend.

However, there's also been a pickup in the annual growth trend for rents, with the national rental index up from a recent low of 8.1% in October last year to 8.5% over the 12 months ending February.

You may also want to read:

National Housing Market Update [Video] 

Perth Housing Market Update [Video]

Adelaide Housing Market Update [Video]

Sydney Housing Market Update [Video]

Melbourne Housing Market Update [Video]

About 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
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