The growth in Brisbane is looking extremely positive. There is lots of new attractions coming to Brisbane. There are also lots of new plans for transport and infrastructure.
Properties in the Brisbane about 5 – 7 km to the Brisbane CBD have grown strongly in value. The economy in Brisbane is being supported by a lot of new infrastructure and attractions to Brisbane.
Currently property prices are $437,000 cheaper than Sydney and $260,000 cheaper than Melbourne.
This level of affordability coupled with positive economic signs means Brisbane is primed for future growth.
Within Brisbane, southern migrants and local upgraders are favouring premium property in blue chip inner ring areas close to the CBD and or the river.
In November 2019 SQM Research forecasts that Brisbane house prices will increase by around 6% in 2020.
A good example of this is Brisbane, which is currently experiencing a surge in population growth as people relocate for the laid-back lifestyle and relatively affordable housing.
Overall most analysts agree with their forecasts for the Brisbane property market in 2019 – and expect slow and steady growth. The modest growth is partly down to the oversupply in apartments. QBE expects this to continue until at least 2021 when this stock has been absorbed by the market.
The biggest gains are expected for houses, with QBE forecasting the Brisbane median house price to record cumulative growth of 11% by June 2021 and reach $615,000.
Like Melbourne, Brisbane’s outer ring suburbs are where the strongest growth (+2.9%) is expected to occur over the short term. This is in contrast to the CBD (-2.9%) and middle ring (-0.8%) where unit oversupply is a factor.
Another suburb to watch is Chermside, some 9 km north of the city centre, where good transport links, local amenities, a 5.0% rental yield and a median house price of $615,000 make it worth investigating. Could it be one of the best suburbs in Brisbane?