Im now looking for advise whether to keep it a while longer (with reduced depreciation benefit and expectation of increased maintenance / aging related costs) or cut and run while the goings better than it has been and search for better opportunities (despite obvious hit of sale costs!) As property experts I bet some of your clients who bought in Brisbane wished theyd instead bought on the Gold Coast (maybe sunny coast too) given the staggering rises, phenomenal rents and a lifestyle second to none. The median Sydney house price would be 45x . Property analysts at BIS Oxford Economics are very positive about a recovering and flourishing Brisbane property market, predicting the greatest national gains in house prices - a 20% rise by 2022 and 14% for apartments. But now there is a mismatch between demand and supply. All the economic key pointers are heading in the right direction. The city has a relatively young population, with a median age of 36 years. As a born-and-bred Brisbanite, Ive lived in many suburbs across Brisbane over the past six decades from Indooroopilly in the inner-west to Morningside in the inner-east and no-one would ever describe Taringa, Toowong, Cooparoo, or Hawthorne as middle-ring suburbs. Another big project under construction is the $1.5 billion Westfield Coomera Town Centre, which expects to create 1,200 jobs during construction and around 3,300 jobs per year once fully operational. The suburb also boasts two hospitals that draw health care professionals to the area and it benefits from the development of neighbour Chermside into a type of Satellite City. Well Brisbane was the strongest property market in 2021 exhibiting astonishing growth, with many locations experiencing 30+% house price growth. Adelaide was the strongest-performing auction market reporting an 89.2% clearance rate. In the last 5 years, while Brisbane has averaged around 25%, Keperra has almost 30% in the same time. One major factor is the city's strong economy, which has attracted many people to the area for work and business opportunities. While the top school catchments were dotted across Greater Brisbane suburbs and a variety of different price points, affordable outer locations dominated the list. Of course, there is no "one" Brisbane housing market and it's a bit like having one hand in a bucket of hot water and the other in a bucket of cold water and saying: Digging deeper into the stats some properties have far outperformed others and freestanding Brisbane houses within 5-7 km of the CBD or in good school catchment zones have grown in value strongly. Pimpama recorded +18.9 per cent growth in rents over '22, where weekly median rents are currently $665. A shift in preferences towards increased space and more lifestyle-focused locations has boosted the population growth of regional Queensland. Currently, due to a short supply of A-grade homes and investment-grade properties, and a surplus of buyers, quality property is a seller's market where asking prices could just keep rising. Major infrastructure projects can elevate the appeal of locations by improving the accessibility or amenity of an area and they can also generate economic activity and jobs during construction. Federal government forecasts in January 2023 suggest that Queenslands population is expected to grow by more than 16 per cent by the time Brisbane hosts the Olympic Games in 2032. READ MORE: The Top 15 Brisbane Suburbs Primed for Growth. Brisbanes economy is being underpinned by major projects like Queens Wharf, HS Wharf, TradeCoast, Cross River Rail, the second airport runway, and the Adani Coal Mine, but jobs growth from these wont really kick off for a few more years. This has lifted rents from a bland growth profile that has existed since 2014. blind-buying Sydney investors had flooded into the Logan market.. And then there are multiple markets in the diverse sprawling city of Brisbane; divided by geographic location, price point, and property type. This is also considered to be gentrification. Michelle . CoreLogics guide to navigating a looming fixed-rate cliff, Lismore flood disaster: one year on but insurance battles ongoing, To-die-for: 5 luxury holiday homes on Sydneys outskirts, that you can now co-own. The peak-to-trough combined capital cities drop of 8.6% (from May 2022 to January 2023) followed a significant 26% uplift in value between September 2020 and April 2022. As of 2021-22, most Queenslanders 50.66 per cent lived outside Brisbane, but the forecast growth rates were expected to result in 50.06 per cent of Queenslanders living in the capital by 2032-33. This is a paid advertisement. There are 340 house markets and 79 unit markets in Sydney with a current median value above $1 million as of May 2021, reflecting a 25.4% increase over the number of million-dollar suburbs in 2020. This has pushed rents by an estimated 8% for units and, in the three years to June 2025, rents for units are forecast to grow by another 19%. We help our clients grow, protect and pass on their wealth through a range of services including: Latest property price forecasts for 2023 revealed. The numbers tell the story here also with a rise of 36% over the last five years, well above the Brisbane average. Property prices are tipped to fall in 2023 according to bank forecasts. Valuing the overall housing market is difficult given the rise in Australian house prices over the last 30 years. Brisbane is home to a diverse population of people from a variety of different cultural and ethnic backgrounds. Unlike Sydney or Melbourne, however, Brisbane is heavily decentralised, even more so after our councils were amalgamated into 8 large councils in 2008. And this is after plummeting 12.0% and 8.5% in 2022. Of course, while some locations in Brisbane have strong growth potential, and the right properties in these locations will make great long-term investments, certain submarkets should be avoided like the plague. Other Entry-level suburbs to keep an eye on: Starting to get closer now and there are a number of good suburbs that sit around 6 or 7km to the Brisbane CBD. This is true of both primary and secondary school catchment zones, which have in general outperformed the market and are likely to continue to do so. It seems to me not many people talk about this in terms of price values. House prices have risen across most school catchments analysed, up in 92% of primary and all secondary schools, aligning with the rising property market and increased popularity from interstate movers. As price momentum slows and the prospect of rising interest rates loom, QBE said they expect that the pace of growth in most markets will fall. By Melinda Jennison 07 June 2022 | 1 minute read. Yet by the time the 2032 Olympic Games come to town, the figure is likely to be $1.5 million. Maudsland, in the Gold Coast hinterland which recorded +19.3 per cent growth in rents, where the median weekly rent is $852. The median house price in Brisbane is forecast to sit at around $819,000 in June 2025. You certainly missed the biggest growth story of Queensland, both in terms of net interstate migration and property price growth, Gold Coast. And even as growth slowed in other parts of Australia, Brisbanes housing market continued to perform strongly in the first half of 2022. If you ever get confused, a golden rule for the CBD is that the streets with female names (Margaret, Ann, Queen, etc.) The greater Brisbane median house price was $684,000 at June 2021, a 19% rise on a year earlier according to BIS Oxford Economics' research. The State and Federal Governments have pledged $2.16 billion toward the Coomera Connector which will be a 45-kilometre six-lane motorway linking Nerang on the Gold Coast to Loganholme within Logan City. It would come as no surprise that migration data showed that the Sunshine State was particularly popular since the onset of the pandemic. Out of every 10 sales, five will be investors, and two will not have viewed the home, and that is a modest estimate. Four suburbs in Brisbane have median property values of $2 million or more. Adelaide's property prices are forecast to fall 17% in 2023, after rising 4% in 2022. Greater Brisbane also has far more affordable property than the southern cities of Melbourne and Sydney. There are a number of factors that have contributed to Brisbane's population growth. Tips: The lesson dont buy sight unseen! But Queensland is unique in that its property market was boosted by soaring interstate migration as many Aussies migrated north (mostly out of NSW and Victoria) in search of lifestyle suburbs and more relaxed lockdown laws. PIPA Chair, Nicola McDougall said there have been instances of people claiming to be qualified advisors, and even using fake credentials. View Report. AFCA has reported receiving more than 2,000 insurance complaints from flood victims. London house prices are set to boom over the next five years, estate agent Savills said as it upped its UK property market forecasts for 2021. . The metro area population of Brisbane in 2020 was 2,406,000, a 1.43% increase from 2019. Finance; Economy; Australian Economy; Where house prices could skyrocket in 2022. This includes strong population growth, affordability, and dwelling stock balance which will help the Sunshine State capital outperform most others in the short run. Given its sub-tropical climate, the region is well known for its laid-back lifestyle and enviable weather. In his annual forecast report, Mr McGrath said Covid-19 outbreaks and lockdowns had brought lifestyle aspirations sharply into focus, with South East Queensland's warm climate, amenities and relatively affordable housing luring thousands of sea-changers and tree-changers . The inner ring of the suburbs of Brisbane is classed as between zero and five kilometres from the CBD, the middle ring from five kilometres to about 12 kilometres, and the outer ring from the point to the start of the borders of Greater Brisbane's regional councils. Reports Housing Outlook Australian Housing Outlook 2022 - 2025 21 years of delivering insights into the housing market. There is a perfect storm of positive growth drivers that will have Brisbane house prices continue to perform moving forward and the recent announcement of Brisbane winning the 2032 Olympic games will underpin strong infrastructure growth, economic growth, and population growth over the next decade. These suburbs sit around 9-10km from Brisbane and are the furthest out we recommend buying. ANZ economists said they expected house prices nationally to fall by between 15 and 20 per cent by the end of next year - in response to higher official interest rates - before starting to recover in 2024. Rather than trying to time your next property purchase based on where we are in the cycle, take a long view and if your income is secure and the time is right for you, this may be an ideal time to get a foothold in the Brisbane property market while others are sitting on the sidelines. Hi Michael, can you recommend someone who can provide legal advisory services? 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