What’s been hot in 2024

It’s that time of year when most of us tend to look back and reflect on the best and worst of the past 12 months. I’m fortunate to say 2024 was one of massive wins for myself, my team and our clients, from record sales to a marathon PB and everything in between. 

Demand for prestige property in Brisbane has never been greater, as we continue to see locals rise to compete against interstate and expat buyers. Domain’s 2024 End-of Year Wrap and 2025 Outlook breaks the detail down even further. 

Key Queensland highlights out of this year’s data reveal a strong demand for lifestyle-focused homes with scenic features, with searches for “view”, “waterfront” and “water view” significantly increasing. Interestingly, searches for “study’ dropped out of the top 20 this year after holding 10th place in 2023, indicating a change in work-from-home trends. Also worth noting is the popularity of “dual living”.

Commenting on the changing market conditions, Dr. Nicola Powell, Domain Chief of Research and Economics said, “In 2024, Australia’s property market demonstrated remarkable resilience amid economic uncertainty. Despite ongoing cost-of-living pressures and a persistently high cash rate, the market showed an impressive ability to adapt. What was expected to be a year of rate cuts, became a testament to the strength of demand, and undersupply that’s dominating and continues to push prices up, underscoring the market’s remarkable endurance.”

Domain forecasts Brisbane’s house growth in 2025 to land somewhere between five and seven per cent, with unit growth to be even more impressive at seven to nine per cent. The team believes influential factors next year will include cash rate cuts, a federal election, accommodating population growth, and sustainability.

We’ve got to remember that Queensland’s market, or even Brisbane’s, varies greatly from the prestige property my team is selling on a daily basis. Markets can be broken down into levels, including the blue-chip listings we work with where a home office is still essential but dual living not so much. 

The main takeaway from all of this is the fact that Brisbane, regardless of whether you’re in the market for a one-bedroom apartment or an Ascot five-bedder, is booming and will continue to deliver healthy report cards well into 2025.

Enjoy your weekend.

Matt Lancashire