Brisbane has witnessed excellent property growth in recent times as per reports, outstripping even Melbourne and Sydney in this regard. Underwood in southern Brisbane, has witnessed median home prices going up by a whopping 65.6% between May 2008 and May 2018, indicating growth in demand for property in this stretch. Brisbane’s property market should continue growing in the future with experts more optimistic about the city’s future prospects in comparison to Melbourne or Sydney with interstate migration, economic growth and fair valuations in the market all contributing to this boom.
Brisbane had the highest capital growth amongst all capital cities for last month as per several reports. Brisbane has turned the corner and the results are there for everyone to see according to many industry experts. The Reserve Bank has already confirmed that the cash rate target will be put on hold at 1.5% and this could remain unmoved for a large part of this year and the next.
Brisbane has shrugged off a previous market downturn and the only way forward is upwards from now on as per experts. Prices are not going down in Brisbane for freestanding homes on account of steady demand unlike Sydney or Melbourne. Interstate migration has gone up immensely, contributing to higher housing demand, particularly to Queensland from the southern States. This was a major factor propelling the growth of Brisbane’s property market.
There is a more fair valuation of the housing market in Brisbane and people are realizing the benefits of moving to the north. The economy in Brisbane is also doing better now and there is higher employment and creation of new jobs which has contributed to increased demand for housing. The downturn in the mining sector has already been overcome and hence these factors have all contributed to growth in Brisbane’s real estate market. Housing construction has also picked up considerably in the city. Supply levels are balanced and so is demand. The supply levels are still a little higher but more housing units should be absorbed in the near future and with higher migration and a better economy, things will even out again according to reports.