Brisbane Property Market Update
Brisbane’s strong property market is set to keep performing in 2022 with demand being driven by substantial gains in recent interstate migration movements. Until now Queensland has escaped the worst of the pandemic and the region stands to further benefit once a recovering tourism sector returns to full operations. Brisbane also looks set to receive a further boost to infrastructure investment having been officially awarded the 2032 Olympic Games.
The Brisbane property market has continued an upward trend, amassing an approximate 27.4% growth rate in the past year. This market is predicted to continue performing strongly while also providing affordable homes compared to other east coast cities such as Sydney and Melbourne. In the months leading into 2022, a significant upsurge in property hitting the market has been observed, with a noticeable demand for housing within the Brisbane CBD and areas surrounding performing very well. In the past month, the Brisbane market managed to accrue their highest number of monthly preliminary sales since the beginning of 2019.
Average enquiries per for sale listings have more than doubled in the past year, and Brisbane auction clearing rates have continuously been in the 70 percent range, implying that buyers significantly outnumber sellers, resulting in higher property prices.
Furthermore, property in Brisbane’s inner and middle-ring suburbs has grown by 5.3 percent in the last three months, with the city’s more expensive houses consistently outperforming.
Brisbane’s property market has evidently shown excellent results, and further evidence indicates that there are more strong results to come
It is predicted that there will be a nationwide soar in housing prices within the next year due to an upcoming plan which allows Australian citizens to pull money out of their superannuation in order to pay housing deposits, sending prices of Queensland homes by over $103,000.
According to Domain, there is hope for purchasers who are keen to get into the market: thanks to the booming market, many homeowners who have been debating whether or not to sell are being attracted by record prices.
Brisbane Property Market Overview 2022
The ongoing threat of a global pandemic leading into 2022 has shifted buyer priorities, forcing more families to consider a place of permanent residence (owning home), pushing more people to make forward decisions on their residence.
Brisbane boasts a $603,000 median house price, and it is 29.6 per cent less than the affordable median price at a 3.5 per cent loan rate, signifying that the market is undervalued. Brisbane would still be undervalued at 14.8 per cent even if interest rates were to rise 1 per cent. Despite these values, the Brisbane market is predicted to be stronger in 2022
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