Brisbane property market has been a top performer for a couple of months now and experts and investors are expecting a market boom. Essential statistics mainly in population, infrastructures and property optimism are influencing smart investors to target the city in the SEQ.
According to residential property research specialist and writer Terry Ryder, “the Brisbane market is showing meaningful improvement and appears ready for a long overdue boom.”
In the previous years, Brisbane’s showed strong property market conditions but would fall short compared to Sydney and Melbourne. Brisbane is now making headway with experts predicting it will record the biggest house price increase nationally by 2022. Growth parameters in the present provide solid substance pointing Brisbane set for a boom.
Brisbane’s population continues to grow with more people from interstate and overseas migrating. Investors are also drawn to the city’s growing economy. But, most of all, owner-occupiers and investors are targeting Brisbane because of consistent housing affordability. According to UDIA QLD’s latest market reports, housing affordability is improving in Brisbane and Moreton Bay.
Missing Piece of the Puzzle
Ryder also explained that infrastructure spending is “the major piece of the puzzle previously missing” in the Brisbane property market. Major projects like the Cross River Rail ($5.4 billion), Queen’s Wharf ($3.6 billion) and Millennium Square ($2 billion) are well underway.
Back in January, the Brisbane City Council revealed the masterplan for the revamp of the Victoria Park. The transformation is to compete against New York’s very own Central Park. The first stage of the $750 million Albion Exchange development also got the green light earlier this year. Construction for the transit-oriented project is due to start later this year.
New Record Low Cash Rate
Just recently, the Reserve Bank of Australia cut the cash rate even lower to 0.50 per cent. The board came to that conclusion as a response to shield the country’s economy from the coronavirus (COVID-19) outbreak. RBA Governor Rob Lowe said despite the coronavirus breakout, the housing market in the country continues to show positive signs. “There are further signs of a pick-up in established housing markets, with prices rising in most markets.” In Brisbane, the median property price is up .4 per cent compared to the previous quarter.