There has been a lot of shock media recently about the property market crashing in Australia, including speculation that a housing market crash is already happening. But the reality is that Australia does not have just one property market. There are many property markets in Australia and each of those is performing in a different way, depending on local circumstances. This article will explore how the Brisbane Property Market is performing, and how the local property market performance compares with other property markets around Australia.
There is no doubt that the Sydney and Melbourne markets are overheated, but the Brisbane Property Market is showing solid performance. Capital growth indicators are not outstanding, but our local property values are not retracting. Brisbane’s median house price has just hit an all-time high which provides further support for our City’s reliable performance.
The latest Corelogic data shows residential property values grew in Brisbane (+0.9%), Adelaide (+1%), Canberra (+2.3%) and Hobart (+10.7%) over the last 12 months. At the same time other cities experienced declines with Sydney leading the way (-5.6%), followed by Darwin (-4%), Perth (-2.1%) and Melbourne (-1.7%).
The exciting part is that, in the housing sector, the Brisbane Property Market is very well placed for future growth, according to research. The most recent BIS Oxford Economics Residential Property Prospects Report (2018) has confirmed that the outlook for the Brisbane Property Market over the next 2-3 years looks very positive.
Brisbane is predicted to experience growth in house prices of 2-3% up until 2019/2020 and then a much greater spike in prices of up to 6% forecast for 2020/2021. This is great news for the Queensland Capital, which has lagged behind other big Cities for a few years now.
Remember there are markets within markets, so don’t always believe what you may hear. Even within the Brisbane Property Market itself, there are some markets that are not performing as well as others. For example, according to the BIS Oxford Economic indicators, units have been underperforming for a few years, and are expected to experience a further decline in value of between 2-3% per annum between now and 2020, before starting to recover with forecast growth of just over 1% in 2021.
So, for those looking to capitalise on emerging property market opportunities in the near future, it seems the housing sector within the Brisbane Property Market has a lot more to come. Real Estate in Brisbane is still affordable, and our great City offers a fantastic lifestyle as well. Just understand what to buy, and where to buy and you will be more likely to succeed in achieving desired capital growth. Now is the time to get set and ready to grow your property portfolio and take advantage of the good times that are ahead.
Melinda Jennison – 0413 907 573