What will 2020 bring for Brisbane property?
That’s a question that many are asking now that some property markets have turned the corner.
It wasn’t that long ago that the Australian media were preaching doom and gloom for Australian property, forecasting incredible price falls and an imminent property crash.
But now… property prices have made a miraculous recovery, and experts are even forecasting double-digit growth for both Sydney and Melbourne!
But what about Brisbane? What can we expect for the Sunshine State capital?
Growth, growth and more growth
Most property economists are incredibly optimistic about the Brisbane property market.
BIS Oxford Economics are predicting that Brisbane will see the greatest national gains in house prices, with median house prices expected to jump 20% by 2022.
This is all following a shallow downturn and mild growth cycle. Brisbane has only managed a 1.4% p.a. increase in housing values over the past five years.
But now Brisbane values have posted its third consecutive month of subtle gains, and house prices should continue rising.
What’s driving Brisbane property?
Brisbane property market fundamentals are looking healthier compared to most other capital cities. Migration rates are lifting, supply is under control and housing is generally affordable.
At the same time, there is incredibly strong demand from home buyers and investors from New South Wales and Victoria. This demand is driven by Queensland’s attractive yields and healthy housing affordability levels.
Brisbane’s economy is also being underpinned by major development and infrastructure projects. Projects like Queen’s Wharf, HS Wharf, TradeCoast, Cross River Rail, the second airport runway and the Adani Coal Mine are all providing some benefit to Brisbane (and Queensland’s) economy.
There is minimal downside to buying and/or investing in the Brisbane housing market and now is an excellent time to ride the next property wave in Brisbane.
What can do you to take advantage of the Brisbane property market?
If you’re looking at buying your next home or investment property, please click here to organise a time for a chat.
Our team has over $9 billion worth of experience in property investment and development. We’re more than capable of helping you achieve your property goals in the New Year.