Brisbane Set to Soar
The Brisbane property market is set to soar in the coming three years, with median prices set to rise by 13% according to the latest report by industry analyst BIS Oxford Economics. While this is obviously good news for homeowners, what does it mean for buyers, and where do we sit among the rest of the country? We're glad you asked.
What's Going On?
The report found that while there may be some short-term stagnation in prices following stricter lending standards from the ongoing banking royal commission, strong migration rates from both around the country (particularly Sydney) and around the world will boost Brisbane's growth to the highest levels in the nation.
Why is This Happening?
Affordability is a key factor in Brisbane's growth, as even with this strong growth, median prices are still predicted to be significantly lower than Sydney or Melbourne. Even after a 13% growth, the median Brisbane house price is still predicted to be hundreds of thousands of dollars cheaper than their Melbourne or Sydney counterparts, making Brisbane homes a clear favourite for potential buyers.
What if I Want to Buy?
Of course, not everyone owns their own home right now, but if you're looking to buy, now is a great time to start looking. Buy now, and you could get the drop on this predicted growth, potentially saving yourself thousands, and setting yourself up to capitalise on this possible increase in just a few short years.
It's important to remember these predictions always deal with the big picture, and no matter what you're looking for, there's always the opportunity to get a great result in any market. Talk to any of our agents today for a free appraisal, and we can show you just what's possible for you.
Chau,D., 2018, Brisbane, Perth, Canberra to lead property price rises as Sydney slows, analysts say