Brisbane house prices are on the move in a big way in some suburbs and it appears that Brisbane’s housing market will grow significantly in the next 3 years.
Hot Property Markets in Brisbane Suburbs
According to an article by Domain.com.au Fig Tree Pocket has seen a jump of 30% in house prices within a year. Other Brisbane suburbs have also seen healthy double-digit growth.
The Brisbane inner-north suburb of Windsor was up 22.1% on last year’s figures. Wilston saw an increase of 17.5%.
Brisbane suburbs within 5-7km of the CBD or in catchment zones for desirable schools are seeing strong growth for free-standing home prices. These are the suburbs seeing strong, double-digit growth.
Brisbane House Price Growth In General
Over all Brisbane house prices are predicted to rise by 8% over the next 12 months according to property expert Michael Yardney. He also points out that Brisbane’s housing prices are 55% of Sydney’s whilst average household incomes are only 12%. This makes Brisbane very attractive to Sydney buyers who are looking for a sea-change.
BIS Oxford Economics suggest that Brisbane’s property prices might grow upto 20% in the next 3 years as housing affordability, economic growth and cost-of-living factors potentially draw in buyers that may have previously purchase in Melbourne and Sydney.
Brisbane Apartments Still In Oversupply
Whilst there is good news for the Brisbane free-standing house market the apartment market is still over supplied. Property valuers m3property have published a report stating that about 1 in 4 new apartment in the Brisbane CBD remain unsold.
This should ease in the coming years as Brisbane’s population grows. Brisbane’s population has growth at 1.92% on average for the last 10 years. This is an average of 41,000 new residents per year.
Rental growth will help resolve this issue and in turn improve rental yields and Brisbane apartment prices.
Building & Pest Inspections More Important Than Ever
As demand increases for properties in the Brisbane region you’ll need to act fast when purchasing a property. It’s more important than ever to be fully informed about the property you’re looking to purchase.
We are one of Australia’s most trusted building and pest inspection companies. We’d love to provide you with a comprehensive report so you can be confident that the home you’re purchasing is a great investment.
Call us or use our online booking form to get started.
Photo by Alice Duffield on Unsplash
