The Brisbane property market is set for a bumper 2021 with the best market conditions in more than a decade.
A surge in buyer demand is already reverberating throughout the city, with Position Property recording record sales in December and January and house prices hitting a new high on the back of a 1.4 per cent surge in the median price to $720,000.
The Real Estate Institute of Queensland’s latest quarterly report reveals better than pre-pandemic conditions, with Brisbane houses currently in the “rising phase of the price cycle”.
Westpac Bank has also weighed in, tipping Brisbane prices to surge 20 per cent between 2022 and 2023, making us the east coast’s best performing capital in the next few years.
The current market conditions in Brisbane point to a “bumper 2021”. These are clearly extraordinary times, not only is Brisbane defying COVID-19 predictions, but we are also prospering far beyond initial expectations.
I am seeing the best market conditions in Brisbane in at least 10 years. An astonishing level of demand, further bolstered by a wave of interstate migration, is currently outstripping supply across a wide range of suburbs.
Also helping is a once-in-a-generation investment in major infrastructure currently transforming Brisbane as well as creating thousands of jobs and boosting the city’s appeal.
Rents were predicted to rise in the wake of record low vacancy rates, which have tightened to under 2.5 per cent in many suburbs, placing further pressure on prices.
Above all however, Brisbane remains Australia’s leading capital city for buyers seeking to purchase an affordable home and enjoy all the benefits of our enviable sub-tropical lifestyle.
While we are delighted to report record sales months in December and January, and are now looking forward to the abundance of activity ahead in 2021.
Kind regards, Richard Lawrence