BRISBANE'S BOOMING HOUSING MARKET: A RAY OF SUNSHINE AMIDST THE CLOUDS
If there’s one thing that's making waves in the land down under, it's the dazzling performance of Brisbane's housing market since the onset of the Covid-19 pandemic.
According to the wizards at PropTrack, Brisbane has literally outshone itself with dwelling values rocketing by an eye-popping 51% since March 2020. And hold onto your hats, folks, because detached houses have led this rally with a 56% growth! Talk about the Brisbane wonder!
Now, when we turn our heads to South East Queensland, things get even more exciting. New research by RPM Group Queensland indicates that the demand for housing is surging like a wave, leaving supply trailing in the sandy shores. Some councils are even expressing concern over plans to accommodate an extra 2 million vibrant souls in the region by 2046. Take Logan, for instance, which would need to build a mind-boggling 83 residential lots every week to meet the skyrocketing demand! That’s a housing fiesta! 🎉
The most recent stats from our friends at the Australian Bureau of Statistics just add more sizzle to this story. Queensland saw its population rise by a record 124,200 in just a year, largely thanks to overseas arrivals and folks relocating. That’s akin to adding an entire bustling town in just 12 months!
However, before we break into a spontaneous happy dance, there's a twist in the plot: dwelling construction in Queensland has taken a dip, which means...yes, you guessed it! A looming housing shortage.
Now, here comes the cherry on top! The experts at NAB have gazed into their crystal balls and the forecast looks radiant for Brisbane. They predict a glowing growth of 12.1% in 2023 and a 6.5% rise in 2024 for Brisbane house prices. 💸
And for those constantly comparing Brisbane to its southern sisters Sydney and Melbourne, here's a fun fact to mull over. Brisbane's median house price is a mere 54% of Sydney's and 78% of Melbourne's. In simple terms? Brisbane offers a beautiful home at a bargain!
Speaking of global limelight, the upcoming 2032 Olympics will not only boost infrastructure but will also sprinkle some global stardust on Brisbane, making it even more alluring to overseas buyers.
In conclusion, the stars seem to be aligning perfectly for Brisbane's housing market. The conditions are ripe and all set for another housing price bloom. So, if you're considering catching this wave, now seems like a pretty fantastic time!
Happy house hunting and until next time, stay sunny Brisbane!
Gilly Oliver # 0487 135 306
