BRISBANE'S HOUSING MARKET: BUCKLE UP FOR THE BOOM!
If you've been dreaming about the perfect time to dive into the Brisbane housing market or simply curious about what’s cooking in our sunny city, you’re in for a treat with some spicy news!
Since the world turned upside down in March 2020, Brisbane’s housing scene hasn't just survived; it's thrived spectacularly! PropTrack reports a jaw-dropping 63% increase in dwelling values. Yes, you read that right – we’re talking a major league jump that now sees Brisbane rubbing shoulders with Melbourne in terms of median dwelling values. And guess what? We’re not stopping there. Brisbane is on a fast track to outpace Melbourne soon!
But hold onto your hats because the Oxford Economics Residential Property Prospects report just added more to the mix. They predict that by mid-2027, Brisbane's house prices will rocket a further 18%, and unit values? They’re set to shoot up by 21%. The reason? It’s a classic tale of demand sprinting ahead of supply.
Maree Kilroy, a senior economist from Oxford Economics, explains it’s all about "demand exceeding supply". Queensland is leading the charge in population growth, which keeps the demand for homes hot. Plus, with tons of infrastructure in the works and the Olympics on the horizon, Brisbane is buzzing with optimism.
Eleanor Creagh, an economist from PropTrack, echoes this sentiment. Despite the whispers of interest rates dropping later this year, the ongoing supply/demand tussle will keep pushing prices north.
Here’s a quick number crunch to put things into perspective: last year, Queensland welcomed 143,600 new residents, but only saw 32,300 new dwelling approvals. In Brisbane alone, 81,200 people moved in, but just 17,740 homes got the green light. That means we’re only setting up about one new home for every 4.6 newcomers!
Clearly, Brisbane is in the grip of a serious housing pinch, which spells more upward trends for prices and rents. And with the Reserve Bank likely to ease interest rates soon, boosting borrowing power, the sky’s the limit.
For anyone thinking about investing or nesting in Brisbane, the message is clear: the market's hot, getting hotter, and now's the time to act if you want a piece of the market!
Stay tuned, and don't forget to check back for more updates and insights from your favorite spot for all things Brisbane real estate. Let the boom times roll!
Adele Oliver
