What can we expect the Brisbane property market will do over the second half of 2022?
Australia witnessed a truly unbelievable level of property value appreciation in 2021, with data from CoreLogic showing 22.1 per cent growth across the nation over the past 12 months. Brisbane’s annual growth is sitting at an average of 25% with some inner city and riverfront properties showing growth in excess of 40%. Brisbane’s property values are tipped to continue to move ahead over the next year, thanks to better affordability, more demand, and less supply.
Dr Nicola Powell, Domain’s chief of research and economics, said, “Brisbane is going to be in the spotlight for stronger rates of growth compared to others, for a variety of reasons. It really hasn’t had substantial growth in years prior; we’ve only just started to see that market accelerate over the last 18 months, and I think it’s still largely affordable, with a much lower price point. We’ve obviously seen an influx from interstate moving from higher-priced markets into Brisbane, and I think that will continue.”
According to Dr Powell, growth in Queensland’s capital is likely to continue into the long term as well, thanks to its securement of hosting the 2032 Summer Olympics. “Brisbane won the Olympic bid for 2032, and the government needs to deliver that, so you’ll see commitments to infrastructure actually being delivered,” she said. “And you’ll see investors following the infrastructure investment, so what you tend to find with big-ticket events such as the Olympics, the growth in property is in the lead-up to the event. So we’re going to see huge bucks being spent by the government on infrastructure, and that will create jobs, population growth, and draw people from other parts of Australia, chasing those jobs, which will put additional demand on housing.”
REIQ CEO Antonia Mercorella said the phenomenal property price growth in Queensland was a result of a number of factors driving insatiable demand. “Queensland hasn’t experienced this sustained level of demand and accelerated growth before, but after years of modest growth, prices here are playing catch-up.” Ms Mercorella said. “Even as our median prices rise, our state is still demonstrating greater bang for buck, with investors looking to make their real estate dollar go further and southerners making the move keen to lap up our state’s incredible liveability factor. “It’s not surprising that Queensland property is still extremely attractive, given our state’s enviable lifestyle coupled with a sense of safety and relative freedoms during the pandemic, and of course, our comparatively great affordability compared to our southern city counterparts.”
