Brisbane will record some of the most significant house price rises in Australia over the next two years, according to the latest predictions from Domain, with values rising a whopping 8% over the next 12 months alone.
In 2021, Brisbane could lead the price rise charge nationally, with forecasts for an additional 7- 9% house price hike.
According to Domain’s Property Price Forecasts – February 2020, released this month, rising confidence, low-interest rates and interstate migration will contribute to price growth. While this is excellent news for current homeowners, if you’re considering buying a new property, I’d be making a beeline for the closest open home right now.
It’s also pleasing to see the growing demand for Brisbane property, given our city’s real estate affordability relative to the southern capitals. The median dwelling value in Sydney is $862,814 compared to $499,691 in Brisbane, according to CoreLogic, and for 18 months I have predicted Brisbane’s affordability would prove a factor in long-term demand and growth.
There’s more to Brisbane than our affordability. The city is ideally located between the magnificent beaches of the Gold Coast and the Sunshine Coast, while it has its fantastic waterways. The city also well-endowed with fabulous facilities such as high-class universities and hospitals, while the major international airlines provide services to and from Brisbane Airport. The city has come of age culturally too with world-class bars, eateries and cafes, which are the equal of those found in other capital cities.
All these factors, combined with improving jobs growth, will underpin real estate growth in Brisbane not just for the next two years but at least as far into the future as 2025.