The property market in Brisbane is set for a healthy start in 2019. With property values dropping in big cities like Melbourne and Sydney, Brisbane’s property values seem to be steadily rising as more young families are moving to South East Queensland.
Steady economic growth, infrastructure improvement and falling unemployment makes Brisbane an attractive option for new and established property investors.
For future reference, Brisbane is forecast to see a 13% property price growth by 2021. House prices are set to increase by a steady 4% in 2019. Although the overall forecast for the Brisbane property market is looking good, there are lots of things to consider here.
The property market in Brisbane has seen dwelling prices increase 0.3% at the end of 2018, and with brand new apartment complexes like Queens Wharf and Howard Smith Wharves, Brisbane is looking like a desirable place to invest or set up home.
The value of apartment units is set to even out in the first quarter of 2019, and then increase by 3% by year-end. The forecast shows that by 2020, apartment units should benefit from another 3% increase.
Continuous population growth in the South East should contribute to housing demand and property value growth. Brisbane house prices are attractive and affordable in comparison to Sydney and Melbourne, with more and more families migrating to Brisbane to experience a more cost-effective way of life.
BIS Oxford’s three-year predictions imply that Brisbane will experience strong growth in the property market over the next three years. With a 13% increase to a healthy median of $620,000.
Brisbane’s property market is expected to continue to see steady growth over the next year as other property markets in Australia experience a steady decline.
Brisbane median house price is significantly lower than that of Sydney or Melbourne making it far more affordable for young families, investors and those migrating from other parts of Australia. 12.7% of immigrants looking for property in Australia are settling in Brisbane.
Properties in Brisbane’s inner and middle ring suburbs give property buyers more bang for their buck, with healthier long term capital growth prospects.
Best suburbs in Brisbane for property investing:
Strapine’s 12-month growth is currently sitting at 8%, with its median price at $421,500 with a 2.3% annual growth. Majority of the properties are houses, and the average rental rate is $380 per week.
Ferny Hills’ 12-month growth is currently sitting at 1%, with its median price at $545,000 with a 2.8% annual growth. The properties in the Ferny Hills area are typically houses, and the typical rental rate is $460 per week.
Kedron’s 12-month growth is sitting at 8% currently, the median house price is now $735,000 with a 3.7% annual growth. The typical properties are houses, and the average weekly rental rate is $460.
Oxley’s 12-month growth is sitting at 9% currently, the median house price is currently $585,000, with a 3.5% annual growth. The average weekly rent is $410.
Steady economic growth, improvements in infrastructure and a decline in unemployment makes Brisbane an attractive option for potential property owners and investors.