Consumer confidence has been diminishing as the real estate markets continue to bottom out. According to Trent Wiltshire, a celebrated Australian economist, there is a likelihood that by close of the year the housing market will stabilise in Australia’s capital cities.
Brisbane’s property prices are projected to bear a yearly change of 3% to 5% in 2020, while the unit prices are forecasted to have a 0% to 2% annual change in the same year.
Even with the bubble in the housing market likely to pop, Brisbane is set for a significant rise. A new forecast projects a 20% jump, which is also likely to extend to other Australian capital cities. The median house has also given a projection of price growth in Brisbane between 2019 and 2022 as 20%.
It is a promising report now that the recent downturn which hit most of the southern capitals did not affect Brisbane as was anticipated.
Why has Brisbane’s property market status remained promising?
The migration rate has been lifting, ensuring controlled supply, which has, in return, guaranteed affordable housing. As a result, demand for property by both investors and other home buyers has increased quite significantly. Brisbane stands at a better position as compared to other southern states, as you will learn even from the rationalised fixed fee agents Brisbane.
Brisbane has also been enjoying some significant projects that have bolstered its stability. HS Wharf, Queen’s Wharf, Cross River Rail, TradeCoast, the Adani Coal Mine and the second airport runway have played part in the growth of the economy of this city. Even though jobs from these projects will not be outset for several years to come, the growth is still evident.
Easy access to credit by potential buyers is a factor underpinning market entry. The outcome of the May Federal election provided clarification on the taxation reform, building more confidence in investors. This is a significant part of what it takes to improve the housing market demand.
Some critical areas set to make Brisbane shine in 2019
Properties near good school catchment regions have proven to succeed in Brisbane. Some zero commission real estate agents in Brisbane have reported a 30% increase in demand for such properties for the last 12 months. According to some real estate agents, buyers are willing to part with up to 10% more for any property in the neighborhood of Brisbane State High School.
Some of the suburbs to observe include:
• Mount Gravatt and Mount Gravatt East because of Mount Gravatt State High School
• Holland Par and part of Coorparoo if you are considering Cavendish Road State High School
• Toowong, Indooroopilly, St Lucia, Taringa, and some areas of Chelmer following the location of Indooroopilly State High School
• Highgate Hill, Dutton Park, South Brisbane, West End and specific parts of Woolloongabba, mainly because of Brisbane State High School
Are you anticipating shining along with Brisbane in 2019? Australia’s online real estate agents can provide expert guidance. Contact us today, and we will lead you through acquiring your property across Australia.