New Residential Developments Brisbane 2024: 2,400 Homes Approved

Brisbane City Council approved three major residential projects this month that will add 2,400 new dwellings across Woolloongabba and Newstead by late 2028.

The timing aligns with sustained interstate migration from New South Wales and Victoria, which added 18,000 residents to greater Brisbane last financial year, and with ongoing preparations for the 2032 Olympic Games infrastructure works.

Northside and Southside Project Details

In Newstead, a 1,100-unit development by the Brisbane Housing Company on Austin Street will include 30 per cent affordable units near the Gasworks precinct. Across the river in Woolloongabba, the council green-lit a 900-home mixed-use site on Stanley Street East next to the Gabba stadium redevelopment zone, plus a smaller 400-unit build on Vulture Street funded partly through the state’s Housing Investment Fund. Both locations sit on the Southside, where buyers have favoured proximity to the CBD and upcoming Cross River Rail stations.

These projects follow the median Queensland house price of $780,000 recorded in the March quarter, with Brisbane median values sitting 4 per cent above that figure according to CoreLogic data released last week.

Price and Planning Effects

Local agents report that blocks within 800 metres of the new Woolloongabba sites have already seen asking prices rise by an average of $45,000 since the approvals were lodged in April. The influx of supply is expected to ease pressure on rental vacancy rates, currently at 1.8 per cent in inner Brisbane, while the Olympic-related transport upgrades continue to lift values in Northside suburbs such as Hamilton and Albion.

Buyers considering entry into these postcodes should review the latest council planning maps for the exact staging of each development and factor in potential short-term construction noise when comparing properties. Checking strata records for the new builds will also show which ones include mandated green space contributions that could affect future body corporate fees.