A breakdown of the facts and figures, winners and losers of the 2018 Brisbane Property Market.
In a year that was relatively uneventful for the Brisbane property market, offering little to nil price growth, the city did, however, manage to keep moving forward in a climate that took it’s a toll on the larger capital cities.
It’s a result that has become standard for Brisbane during the last few years, registering slow and steady growth. However, we are seeing interest in the market build as the signs start pointing to significant growth in the next 3-5 years.
Queensland is already the top in the nation for interstate migration in 2018 and looks to carry on that trend well into this year.
Brisbane has transitioned into a rising market seeing massive development projects in both Queens Wharf and Howard Smith Wharves that have added a lot of excitement to the inner city market, reshaping the landscape and image of the city.
Inner-city addresses have performed as expected to remain tightly held. Affordability, proximity to lifestyle hubs and reliable public transport has seen the middle ring begin to surge as a number of factors lead punters to Brisbane.
“A number of economists a predicting between 1-5% growth for 2019”
Vacancy rates in Brisbane have dramatically decreased since a December 2016 peak of 4.1% to only 2.8% currently.
We are seeing the increased demand start to ease the pain of the suffering apartment market here in Brisbane which is starting to rebuild as demand matches back up with supply.
The saturated market still remains 11.2% below a 2010 peak but Brisbane agents are reporting a clear return of interest, combined with population increases predicted a number of economists see 2019 seeing the market fight back.
A number of economists a predicting between 1-5% growth for 2019 including Domain’s Trent Wilshire predicting 4% for 2019 and 5% for 2020.
Queensland has and Brisbane have shown the strongest interstate migration, very strong job creation and countless infrastructure projects all pointing to a large momentum shift in 2019 and beyond.
The smart money is at the very least be aware of the Brisbane Market as it starts to open it’s eyes.