What's happening in Brisbane property market
In Brisbane, the housing market has continued on its steady growth pattern in most investment grade suburbs. The median house price for the Brisbane LGA of $667,500 shows growth of 25.9% over 5 years.
Many 'experts' are still predicting the best is yet to come for Brisbane. Herron Todd White have categorised Brisbane houses as being in the 'upswing' phase on the property clock for a number of quarters and BIS Oxford Economics predict Brisbane will experience 13% growth by 2021 (read more here). As Buyers' Agents in Brisbane, we have to keep our finger on the pulse to see what projects are going to affect property in a positive (or negative) way and there is so much happening in and around Brisbane.
Notable non-residential projects include:
$5.4 billion Cross River Rail – major contractor appointed in April 19
$944 million Brisbane Metro expected to be completed 2023
$1.1 billion Gateway North upgrade which was completed in March 19
$150 million new theatre for QPAC – design options being considered
$158 million Brisbane International Cruise terminal at Luggage Point is due for completion at the end of 2019
$3.6 billion Queens Wharf project is well underway
$2 billion Brisbane Live entertainment precinct – demolition expected to start in 2020
$808 million building future schools fund will include 2 new secondary state schools – Inner City South state secondary college in Dutton Park expects the first intake of students in 2021 and Inner Northern state secondary college in Newstead expects doors will open in 2020
The New Parallel Runway Project (part of the Brisbane Airport redevelopment) is on track for 2020 completion
$110 million Howard Smith Wharves development opened in November 2018 and council recently announced they will create a new ferry terminal at the precinct
The Prestige Property ($2m plus) in Brisbane is the most active segment along with First Home Buyers re-entering the property market across the country.
Investors are continuing to find good value and fair rental returns in the $700,000 – $1 million price range for houses within the 8km radius of the CBD.
Our experience on the ground is that investor style 2 bedroom apartments are still over supplied. However owner occupier and prestige apartments with 3 or 4 bedrooms that suit 'downsizers' have strong demand and resale prices are rarely below the previous sale price in this segment.