Brisbane Property Market Update
First quarter 2021 Brisbane’s residential market has recorded improved demand, with transactions higher than pre-pandemic figures, according to the latest Queensland Market Monitor published by the Real Estate Institute of Queensland.
According to data from CoreLogic, housing values in Brisbane shrugged off coronavirus concerns to outperform both Sydney and Melbourne. Brisbane housing values rose by 1.1 per cent over the month of December, Brisbane housing markets are now at a record high in terms of housing value.
While Brisbane remains considerably more affordable than other States, Corelogic forecasts that one in ten houses sold in our capital will fetch more than $1 million within the next two years, offering some of the best prospects of long term capital growth.
Brisbane’s property and rental markets are set to soar from one of the biggest southern migrations in history with reports of interstate home hunters and holidaymakers heading north in high volume just days after the state border reopened.
With lifestyle, affordability and a balmy climate sparking the surge, property punters say the sunshine state and Brisbane, in particular, are on track for a record-breaking summer with holiday vacancy rates plummeting to zero amid a red-hot real estate market driven by interstate and ex-pat buyers.
However, While Queensland’s housing market has nothing short of boomed off the back of the global health crisis, it was a tougher climb back into the black for the state’s holiday rental sector, with thousands of homes sitting empty causing millions in lost revenue from the tropics down to the Gold Coast.
Brisbane propety market should also see some strong growth, because they’ve been less impacted by the pandemic and so they’ve got lower debt levels to start with. They’re also playing catch up after a few years of underperforming compared to Sydney and Melbourne.
Brisbane real estate has been buoyed by steady population growth driving demand and underpinned by good economic fundamentals including jobs creation and a low unemployment rate.
Queensland has now become the number-one destination for internal migration, taking over from Victoria and overseas migrants are starting to see Brisbane as the place to be.
Brisbane Property Market Overview 2021
According to Domain’s property price forecasts released only a few weeks ago, Brisbane’s real estate optimism can be attributed to a few factors; rising consumer confidence, low interest rates and interstate migration — with Brisbane leading the front as a top choice for migrators.
Predictions from the real estate analyst Domain found Queensland’s capital to be placed in equal second with Melbourne for median house price growth, a mere 2 percentage points behind Sydney over the coming year.
Brisbane’s property market is already showing excellent results, and these evidence predictions are indicating more strong results to come. If you’d like to find out more about Brisbane’s property market, contact us for a free info pack.
Opportunities remain for suburbs with lower supply and increasing demand – vacancy rates are fine and yields are above five per cent gross in many instances.
Brisbane CBD, 324 Queen Street, 4000 Qld
Our Services are Free to Investors
Contact Australian Residential for a free information pack eBook, or to arrange an obligation free consultation.