The question on everyone’s mind though, will this strong performance continue over the next 12 months and beyond?
Certainly the challenges surrounding COVID-19 haven’t really impacted property transactions, with more buyers moving to Brisbane for the lockdown-free lifestyle.
increased 0.6% over the last week;
increased 1.8% over the month of September, and
19.87% over the last year
And even though restrictions are beginning to ease in NSW and VIC, we believe there is still plenty of growth left, due to Brisbane property being considerably more affordable when compared to the other east coast capital cities.
With international travel set to resume soon, jobs on the rise and substantial infrastructure spending in place as the city looks ahead to the Olympic games in 2032, the future looks bright indeed.
A recent report prepared by Urbis highlighted the key pipeline of opportunities that will provide economic and social benefits for Brisbane, Queensland and Australia.
The resurgence of buyer interest in the Brisbane property market has meant that auction clearance rates have consistently been in the 70% range, which is unusual as the city is not typically known for its auction culture.
This is certainly an indication that there are more buyers than there are sellers and this always leads to higher property prices.
Finding value in a surging market is the real challenge for buyers right now, particularly when we talk with clients about houses and townhouses across the city.
We believe good quality owner occupier driven apartments in lifestyle rich locations near Olympic facilities and new infrastructure will perform well in the long term.
There is no doubt the Brisbane market will also face strong medium- term rental pressures over the next 3-5 years as demand continues and little new rental supply is added.
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