The Brisbane property market is showing little signs of slowing down. Industry sources are reporting that the pursuit for Brisbane Real Estate is largely led by the increasing rate of interstate migration.
In CoreLogic's most recent Monthly Chart Pack, dwelling values in Brisbane were recorded to be up by 13.2% in the past year and in June alone, were at a record high with an increased value of 1.9%.
It also reported that, since the onset of COVID-19, Brisbane has seen a distinct outperformance of housing values with an increase of 15.5%. When it comes to units, they have experienced a gradual increase of 5.0%.
CoreLogic indicates that this positive growth could be indicative of the demand for relatively affordable Brisbane houses, as the normalisation of remote work through COVID-19 has encouraged more movement from Melbourne to Queensland over 2020.
According to the ABS, Queensland saw a net interstate migration gain of around 10,000 people in the December 2020 quarter which was the largest net gain since the same time in 2003. This is now expected to be sustained with the announcement of Brisbane hosting the Olympic games in 2032.
Herron Todd White recognise that this data indicates that more people from southern states are considering making the move to Brisbane, which will in turn, continue to strengthen Brisbane's property prices.
The Real Estate Institute of Queensland (REIQ) investigated the different causes for this. They concluded that along with the effects of COVID-19 accelerating interstate demand, Queensland’s improving economic conditions, relatively affordable housing and positive lifestyle factors are the primary factors for the Sunshine State’s popularity.
Place New Farm Lead Agent Aaron Woolard does not see signs of the market de-escalating anytime soon.
“There’s no signs of the market slowing down, I believe that the market will continue to thrive,” Aaron said.
“There will be parts of the market that will stay consistent, but I think the housing market and Brisbane’s inner-ring will increase quite significantly.”
Whilst the steady increase has been favourable for sellers, Aaron recognises the need to support our buyers and provide them with the right tools to ensure that they can find their happy place.
“Here at Place, we have core team members that are specifically helping our buyers connect with the right property,” Aaron said.
“Because Place is all connected as one agency across multiple offices, we have the ability to keep in touch with a wide group of people quickly.”
So what does all of this information mean for our sellers and buyers?
It can be hard to know what to believe with so much information circulating, but Place remain committed to providing accurate advice and information. At this stage, all signs point to the Brisbane market remaining strong.
Place Estate Agents are here to assist sellers and buyers navigate the current market to ensure that the process, no matter what side of the transaction, is as smooth as possible. Our team are here to provide helpful advice to ensure that our clients are equipped with all the information they need to be confident in their property journey.
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