Queensland property market 2024: rising prices, high demand, and the hidden gem of Moreton Bay region

The Queensland property market has experienced sustained growth throughout the first half of 2024. This ongoing investment in the Sunshine State has meant that potential buyers are facing a shortage of supply, which in turn has created highly competitive conditions. Whilst traditionally popular areas, like Surfers Paradise, have maintained their market position, the competitive atmosphere has motivated buyers to seek potential property gems in other south-east locations.

InfoTrack’s Q2 Property Market Update found that those looking for property within reach of Brisbane were investing in regions like Moreton Bay, with Morayfield, Caboolture and Narangba three suburbs that appeared within the Top 10 Suburbs for Number of Sales. Ideally positioned between Brisbane and the Sunshine Coast, this region has plenty to offer buyers from affordability, family-friendly amenities, a strong sense of community, and scenic surrounds.

Jacob Fernance, Legal Practitioner Director and Co-Founder of That Law Firm, has long known that the Moreton Bay region is an abundant location for prospective buyers.

“When I started my own law firm in the local Moreton Bay area, I quickly realised the diverse group of people who live in the area and the amount of industry we have here which only continues to grow. I have enjoyed forging new relationships with local people and businesses. I find Moreton Bay is in its growth phase with many people flocking to the area and starting up businesses.”

Leading into the new financial year, Jacob shared some of his insights on the growth of the Queensland property market, how this is creating a knock-on effect within the Moreton Bay region and the changes he has seen within his practice due to these two factors.

What are your insights on the current state of the Queensland Property Market?

The Queensland market is currently experiencing remarkable growth. We are seeing record house prices and a surge of interest from both local and interstate buyers eager to either live or invest in the region. An environment of limited supply and high demand for properties is driving the price upwards with little sign of slowing down.

The current market creates both opportunities and challenges for our clients. It is important for us to understand the unique pressures and motivations of our clients when navigating such a dynamic market.

First home buyers appear to be suffering from fear of missing out and are victim to paying well over market value for some properties in an attempt to secure their very own piece of real estate. This in itself can cause challenges with increased price rises and valuations from banks coming in significantly lower than the purchase price.

By staying attuned to these trends and being on the front lines, we are able to provide advice and assist our clients in securing or selling a property, managing expectations and providing strategies to ensure they receive the best possible deal.

Our Property Market Update has seen an uplift in the number of property sales within the Moreton Bay Region towards the end of 2023 and into 2024. Has this increased interest been reflected in your practice?

We have seen an increasing number of conveyancing matters in our firm. The first quarter of 2024, which is normally a slow period for us was extremely busy and consistent matters were coming through our doors at the same rate as some of our busiest months.

We are also seeing an increase in land sales and off the plan purchases, which had been quiet for us in previous years. I am unsure if this is due to increased confidence in the construction industry or people are getting so desperate to get into the property market, they have gone back to land purchases.

We are also seeing an increase in first home buyers with record numbers coming through our doors. It is great to be in a position to help educate these buyers and assist them to purchase their own slice of the property pie.

Given the increased interest in suburbs like Caboolture and Morayfield, what do you believe are the main drivers behind people discovering the appeal of this region, based on your interactions with clients and others within the local community?

When I first moved to Moreton Bay people would laugh at me or be concerned about my proximity to Caboolture. They associated Caboolture and surrounds as an area with a high crime rate and low socioeconomic standing and not somewhere anyone should willingly live.

This perception has changed over time with Moreton Bay and surrounds becoming a growth hub with many people flocking to the area which is no longer a best kept secret. The main drivers in my opinion for people flocking to the area are:

Affordability
Proximity to both Brisbane and the Sunshine Coast.
Increased investment in infrastructure.
Increased job opportunities.
Expansion of the area to create the new Caboolture West development and new North Harbour Marina and industrial developments.

The Moreton Bay Council is also very actively engaged within the community and provides some of the highest levels of support to small business than many other local government areas.

Since you launched the firm in 2021, what notable changes have occurred within your local area, and how has your business evolved in response to these changes?

The biggest changes I have seen to the area are an increase in businesses looking to set up in the Moreton Bay region, especially in the property law space. We have made a conscious effort to connect with these businesses and strategically align ourselves with other professionals who complement our business.

Find out more about Jacob and That Law Firm by visiting their website or connect with them on LinkedIn.

You can discover the latest market data with our quarterly Property Market Update.