The current real estate market in Brisbane is a seller’s market. Many commentators claim that property values in the region will decrease, but the truth is, the market is still strong, and quality properties in high-demand locations will maintain or increase their value. This is especially true if you have a secure job and financial situation.
You may want to consider renting the property while you’re renovating. This will help to offset your expenses, as well as help you build up equity. With the population increasing and more infrastructure being built, Brisbane’s property market is ripe for investment. However, the market is oversupplied and could take time to recover. This means that you should be patient while the housing market improves. If you invest now, you’ll be able to benefit from higher prices in the future.
One of the biggest changes in the Brisbane market since 2011 is that fewer properties are being listed for auction. As a result, the number of days on the market is trending higher. This is a good sign because it means there are more buyers than sellers. The more buyers there are, the higher property prices. But the biggest difference between 2011 and 2022 is the length of time between extreme weather events. Historically, the region hasn’t suffered major flooding since 1974. Until then, it was thought that flooding of this scale would only occur once every 100 years.
One of the biggest benefits of the 2032 Brisbane Olympics is that it will bring more commercial activity to the area. This is great news for the property market in Brisbane. By 2032, the median house price in Greater Brisbane is expected to reach $1.2 million, a 40% increase on the 10-year average. The only downside is that the city will have to spend less money than it did in past Olympic years. Additionally, the time frame for the Olympics has been extended from seven to 11 years, which can dilute the investment.
The unit sector in Brisbane is also benefiting from affordability concerns. As a result, the city’s unit market has outperformed the housing market in April. The value of unit apartments in Brisbane continues to rise, while the price of house apartments has increased by seven times. The affordability gap between house and apartment properties has reached an all-time high. This pandemic is driving property prices in Brisbane higher. The price difference is growing as more people migrate to the state for a better life.
The city’s suburbs have a wide range of housing stock, but one important factor that influences property prices in Brisbane is proximity to popular education catchments. Historically, the value of properties in school catchments has outperformed the market. The value of property in these areas has increased by up to 30 per cent over the last year. If you plan to raise a family, or if your children have already started school, consider these suburbs carefully.
Brisbane is experiencing an increase in interstate migration, with most migrants settling in the southeast. As the international borders re-opened, this population growth has also increased the demand for housing. However, not all of these people choose to buy new homes. As a result, Brisbane is experiencing a rental shortage, with a 0.6 per cent vacancy rate.
Investing in Brisbane property is an excellent long-term investment. Besides its affordability, this city’s scale and future economic prospects make it an ideal place to live and buy a property. In addition, if you find the right place, you will be able to rent it out for a profit.
As a result of the increased interest in the housing market, more people are now attending open homes. This results in more offers and faster sales. As a result, the median house and apartment values in Brisbane increased by 17.8 per cent over a 12-month period. Additionally, unit values are lower, making them a more affordable option for buyers.
With a median price of $540,000, the Brisbane real estate market is a good investment opportunity. It is cheaper than the cities of Sydney, Melbourne, and Wollongong, which is a great incentive for those looking for a property. In addition to the low cost, the low interest rates have driven more property investors to the area. This increased demand has led to tighter rental vacancies in Brisbane. In May, there was just 0.7% vacancy rate in Brisbane, indicating that rental demand is significantly elevated.