Industry Update: What’s to Come for the Brisbane Luxury Property Market
Over the past year, the Brisbane property market has seen exponential development, recording among the three fastest episodes of annual growth on record. With no signs of slowing down, Brisbane’s market is forecasted by experts to continue strongly throughout the remainder of 2022.
With so many contributing components increasing risk and ability to change, we think it’s about time to reflect on what’s to come for the Brisbane prestige property market and why.
Inflation & Interest
Brisbane dwelling prices are at a record high, according to experts.
With inflation and interest rates rising, concerns are growing that a market crash is imminent. However, experts predict that a strong buyer demand will likely place a floor under any significant price fall.
Although some Brisbanites are still navigating the effects of the COVID recession, others who have maintained a stable income are taking advantage of the booming housing market through increased investment. While inflation and the rising cost of living may slow the current rapid growth we are observing, it is unlikely to cause a complete market crash.
2032 Brisbane Olympics
Demand will continue to remain extremely strong for properties across Brisbane, as the city undergoes an infrastructural transformation in preparation for the Brisbane Olympics. It can be expected that, as population increases and economic prosperity continues in preparation for The Games, new opportunities for the property market will emerge.
Demand for housing, particularly luxury homes, is forecasted to increase exponentially as development continues in areas including Hamilton - which is forecasted to reach just under $4 million average house price by 2032.
In short, Brisbane will quickly become one of the best locations in Australia to own a million-dollar property over the next decade.
Population Growth
Queensland’s population is the fastest growing amongst all Australian states due to interstate migration, which is driving growth within the property market, according to experts. Low supply of housing is ultimately driving up prices of homes, causing them to reach record results.
Consumer sentiment & historically low interest rates are also contributing factors to Brisbane’s continued growth, as the city has a long-standing reputation of being more affordable as opposed to larger cities Sydney and Melbourne.
With factors such as COVID border restrictions, economic growth, and the aforementioned 2032 Olympics largely underpinning Queensland’s population growth, it is likely that the pricing of homes will continue to grow and demand will continue to increase.
How Do I Navigate These Changes?
If you’re thinking of purchasing or selling a property in Brisbane, it’s important that you speak with an agent who understands the current and projected market conditions. At team Oliver Jonker, we base our strategy upon years of experience within the finance sector, and up to date market data, so that you are confident that you are achieving the best possible outcome as a buyer or seller.
