Waving, not sinking

Property in Brisbane is alive and kicking. Take a look at the factors keeping prices buoyant for quality homes in the inner suburbs.??

In Brisbane, when it comes to property prices we’re not sinking, we’re waving. There are so many factors to offset any current concerns about interest rates and home values.?

Our office is as busy as ever and I’ll explain why.

Influx of new residents

There is still a high number of Australian expats coming back from overseas. People are returning home and looking to Brisbane for the following reasons:?

• it’s more affordable than Sydney and Melbourne
• the city is close to the Gold Coast and the Byron Bay area, and is of course a gateway to the Sunshine Coast and the rest of the state
• Queensland’s economy is strong and growing (Brisbane’s?$146 billion economy is predicted to grow to more than $217 billion by 2031)
• there is the opportunity to work remotely for global employers while enjoying the lifestyle Brisbane has to offer
• the city has a cosmopolitan feel and is very family friendly.

Joining expats in the queue to live in Brissy are our southern neighbours. While property prices have settled in Sydney and Melbourne, you’re still likely to have to pay more than $1 million for a three bedroom home in many suburbs close to the beach and CBD. Brisbane’s more affordable property prices are an incredible drawcard, especially with interest rates on the up. This is part of the reason why?data from June last year?showed migration into Queensland tracked 63% above the decade average.

As shared by?MoveHub, Brisbane is sought-after because of lifestyle factors as well. With the Olympics on the horizon, the city is investing in transport, infrastructure and culture. The restaurant scene is alive and thriving, and we are surrounded by the city’s natural beauty.?

Then there are jobs. As shared by?Jobs Queensland, the state will need 281,000+ workers to fill new jobs by 2025. What’s more, Queensland was reported in early 2023 to be the nation’s best performing state economy. Data from?Commsec?showed Queensland’s economic activity has seen benefits from strong relative and absolute population growth, a solid job market and buoyant overseas demand for energy resources, such as coal and natural gas. Unemployment figures are low and tourism is performing well, which is why the state has topped rankings for the first time in over a decade.?

The best is yet to come

PRD chief economist Dr Diaswati Mardiasmo released a?study back in 2021?which predicted booming migration and Olympics infrastructure would force Brisbane’s median prices up to around $1.7 million. Her study, based on results before and after other major events, found large infrastructure spending ahead of the Olympics could push value to over $1 million for more than half of the houses from Noosa to the Gold Coast.

Recent reports in the?Courier Mail?(this article is behind a paywall) say suburbs to watch for a lift over the coming years include:?

• Woolloongabba, particularly near The Gabba
• East Brisbane
• Dutton Park
• Annerley
• Kangaroo Point
• West End
• South Brisbane
• Hamilton (athletes’ village site).

This is all thanks to infrastructure projects making these areas more desirable for residents and investors.?

When you consider the average house price for Brisbane capital city dwelling is currently?$698,204, the prospect for growth is so exciting and highlights how much potential our city has over the coming years.?

Now is the time to explore your options for property in Queensland and beyond. Instead of being nervous about current interest rates and short term market drops, think about long term potential and how you can use Brisbane’s future growth to your advantage.?

Hope you enjoy the read.

Matt Lancashire