It only takes a quick drive around Brisbane to see that things are well and truly booming in the Sunshine State capital.
We’ve got the new Howard Smith Wharves precinct, there’s massive amounts of development and urban renewal happening in and around the city, and hordes of new residents are moving in daily.
What does this mean for Brisbane’s property market?
After several years of inactivity, is it finally time for Brisbane to shine?
What’s been happening in the Brisbane market?
We know that median house prices in Sydney and Melbourne have dropped significantly over the past two years, with losses in the double digits.
But good news for Brisbane investors – the market has escaped relatively unscathed!
For both attached and detached dwellings in Greater Brisbane, prices have only fallen a few percent in total. This isn’t a terrible position to be in, especially when you consider the falls in Sydney and Melbourne’s markets.
In recent months, declines have slowed, and, in many cases, it seems the market in Brisbane has bottomed out.
Demand is on the rise!
Over the past twelve months, time on the market has increased. This is largely due to a lower volume of buyers and a smaller pool of sellers.
But agents are reporting a renewed level of activity, with buyers drawn to Brisbane by the incredible affordability on offer at all levels of the market.
First homebuyers in Brisbane have the best chance of entering the market, with medians at the lower end remaining attractive.
And for people looking to upgrade, there is some good stock available at very reasonable prices in the mid-segment.
The city’s population is continuing to grow each year at well above the 10-year average.
That’s 23,000 new overseas and interstate migrants choosing to call Brisbane home annually.
Will Brisbane property prices rise?
Many economists and housing market researchers believe that Brisbane’s market is set to grow, with recent reports tipping that median house prices in Brisbane will jump 20% by 2020.
Demand is rising thanks to rising affordability, huge investor interest from down south, the steadily rising rental market, bumper population growth and renewed confidence.
That confidence will be key to kicking off a new period of growth in Brisbane.
In addition, the state’s economy is solid – especially so in the capital.
The property market has held steady while other major cities have slumped sharply.
Lending restrictions have eased, and banks are offering some incredible mortgage deals.
And on top of that, interest rates are at a record low of 1%, with further cuts expected by the end of 2020.
All of this combines to paint a pretty promising picture for Brisbane, after a long run of mediocre price activity.
The sun will shine in Queensland’s capital over the coming year… at long last!
Want to take advantage of Brisbane’s rising property market?
At Adpen, we’re building incredible residential and commercial development projects in and around Brisbane. If you’re looking to buy or invest in Brisbane’s growing property market, contact us today!