The Perfect Property Storm
Brisbane is typically known for being a slow-moving property market but recent years have seen a rare boom that is causing prices to rocket and properties to sell in a matter of days. Why? Low stock, incredibly low interest rates and a global pandemic have created the perfect storm that is seeing Brisbane properties become some of the most desirable in Australia.
Interstate Homeowners Looking for a Seachange
The Australian Bureau of Statistics (ABS) recently noted that interstate migration to Queensland is the highest it has been in 20 years, with a net inflow in 2020 of almost 25,000 people. On the other side of the coin, departures from Queenslnd were at their lowest level since 1994.
Many consider Queensland as one of the state’s that has handled the pandemic best, particularly when compared to neighbouring capital cities like Sydney and Melbourne.
Combine this with more opportunities to work from home along with a smaller central population and lower cost of living, and it’s not surprising to see many looking to make the move to the Sunshine State. There has also been a surge in infrastructure development estimated at $75bn that is growing the region’s commercial pull and encouraging investments in the region.
The trajectory of Brisbane and Queensland as a whole is not looking to stop, with economists from Westpac expecting the rise to continue up to 2023 when the market will flatten out. Economists from CBA predict the price of houses will increase by 16.6 per cent up to December 2022, with Sydney and Melbourne rising just 13.7 and 12.4 per cent respectively. Westpac has said the prices will keep rising into 2023 by 20%.
Let’s look at
New residents by 2026
New residents by 2041
New dwellings required by 2026
More jobs created by 2041
Now is the time to invest
If you are looking to invest in property, it’s crucial to get into the market now. Domestic migration to popular Queensland locations has seen a double digit price growth in the past six months and auctions that usually have one or two bidders now see five on average, according to industry experts. With the Brisbane market set to explode, prices rising every week, and house and apartment options growing scarce, finding the right property at the right price is getting harder.
However, there are also many prospective homeowners and renters starting to look at the Queensland market from interstate or even moving within south east Queensland as home and work life situations change. Paired with incredibly low interest rates that aren’t expected to shift until 2024, the market is perfect for investment opportunities, if you get on them early.
Where to get started
If you are looking at getting into the greater Brisbane property market, there are a few key areas experts say investors should be looking into. This includes Greenslopes, Toowong, Caloundra, Oxley, East Brisbane, and Maroochydore. With new developments and good proximity to schools, business districts and lifestyle precincts, without being too built up, these locations have much to desire.
In order to navigate the competitive market, professional help is becoming a must. The right connections, expert guidance, and access to opportunities the general public don’t have can be great assets when looking for property as the Brisbane market shoots up.
If you are in the market for luxury and lucrative investment opportunities in Australia, Offset Property are here to help. We have our finger on the pulse of the market, acting as a middle-man for investors and owner occupiers, doing all the legwork for you so all you have to do is tell us what you are looking for. Looking for more property investment advice on the Brisbane boom? Get in touch today.