The Brisbane real estate market has soared over the past decade and is currently at a historic high. There are several reasons for this. Some of these reasons include: the growing population of the city, the rise in infrastructure projects and gentrification. If you are considering buying or investing in a property in Brisbane, there are some things to know.
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Gentrification is the term used to describe the process of upgrading a locality or neighbourhood. It is a trend that is seen in many Australian cities. This includes influx of new, wealthier residents, the development of new properties, and the renovation of older ones.
Gentrification is a process that can last for decades. It usually starts with people. For instance, if there is a large population of young professionals in a region, they will be more likely to gentrify a neighborhood.
However, if a neighborhood has too much industry and not enough amenities, then it will not gentrify. Instead, it may stagnate or get worse. The gentrification process can increase the overall value of real estate.
Traditionally, gentrification occurs in inner city suburbs, such as in Sydney and Melbourne. But some suburbs, such as Paddington, have experienced gentrification as well.
When it comes to Brisbane real estate, demographics play a major role. This is especially true with the 60+ age group. In the last 20 years, the number of people in this age bracket has increased by 62%.
The 60+ population is largely attributed to the lifestyle choices offered in Brisbane. This includes a good range of schools and green space. There are also more and more low maintenance homes available.
Although house prices in Queensland are lower than in some of the other states, it has not slowed down the rate of growth. Some buyers are looking to invest in homes that have better security and more space.
One of the main reasons for the strong capital growth in the state is the growing population. People from southern states are moving north to find better weather and more affordable homes. These people are fuelling the property market.
Brisbane real estate is set to benefit from the construction of a multi-billion dollar infrastructure pipeline in the coming years. These projects are projected to create thousands of new jobs and add significant value to the city’s economy. This will ensure the city’s status as an ‘international hub’, while also boosting tourism.
The state government has already committed $49.5 billion to infrastructure projects over the next four years, a number of which will have a direct impact on the city’s property market. Some of these projects will transform Brisbane’s central business district into a world-class destination.
The $5.4 billion Cross River Rail project will make it easier for people to get around the city. It will also improve sporting facilities.
Waterfront Brisbane will transform the city’s waterfront. It will include two mixed-use towers, a 1.2km promenade and upgraded wharf facilities. When complete, it will create a world-class tourism and leisure destination.
School catchments in Brisbane are a big part of the property market. A new report from Domain Group reveals that buyers are splashing more cash on properties in key school zones.
It’s not just secondary schools that are driving the growth. Primary schools are also experiencing house price hikes. Those in outer and middle suburbs have dominated the top spots, while those in more desirable inner locations have taken a backseat.
Buying a home in a good school catchment is a smart investment. Families are forking out thousands of dollars more for property in these areas than in other parts of the city.
Real estate agents are running a gauntlet of inquiries from parents looking to relocate to a popular school zone. This is especially true in Brisbane’s inner west. As more people move to the region for education, it’s becoming increasingly important to buy into a catchment.
Investing in brisbane real estate
There are a number of factors that will affect your investment in the Brisbane real estate market. Some of these factors are your own personal financial situation, the price range you are comfortable with, and your desired property type. You must also be aware of the current market sentiment.
One of the biggest mistakes that investors make in the Brisbane property market is overpaying. This can result in poor investment returns. The key to success in this market is to buy the right type of property for your financial situation.
Property prices in Brisbane are generally cheaper than in other Australian capital cities, making it an attractive option for those on a tight budget. However, this doesn’t mean that it is always a good idea to invest in Brisbane.