The past 12 months have seen Brisbane secure its’ position as Australia’s fastest growing capital city in terms of population, property prices and clearance rates. Fewer lockdowns, lifestyle factors and affordability have been some of the driving forces behind this growth, complemented by low interest rates, government incentives, a high level of infrastructure projects and employment opportunities on offer. The Brisbane property market increased collectively by more than 25% throughout 2021, posing the inevitable question as to whether the upward trend will continue into 2022.
Throughout Greater Brisbane, the volume of properties on the market is down compared to this time last year, with a current median property price of $662,000, median apartment price of $445,000 and median house price of $757,000. Data shows that owner occupiers made up 80% of property purchasers throughout 2021, over half of these being first home buyers and investors making up the remaining 20%. At present, there appears to be more buyers looking to purchase than there are properties for sale, producing a strong sellers’ market where property prices will likely continue to rise.
Local, interstate and international investor activity has remained strong in the coastal regions, with investors now setting their sights on Brisbane to capitalise on the high yields and projected growth. Other capital cities across the country have seen considerable growth over the past decade, another reason why investors are now focusing on more affordable properties across Brisbane. Projected to grow by 50,000 people per year over the next six years, Greater Brisbane’s decade-low vacancy rates are set to further tighten as the State borders open, increasing demand amidst an already undersupplied property market.
Due to ongoing infrastructure spending, private enterprise investments and federal government stimulus, Brisbane’s economic recovery has been fast-tracked through numerous multi-million-dollar projects including the Cross River Rail, Brisbane Live, Brisbane Metro and Queens Wharf Precinct. The 2032 Brisbane Olympic Games will also assist in infrastructure, economic, and population growth over the coming decade, putting Brisbane on the map on an international scale. Currently leading the nation, all signs point to the Brisbane property market continuing to thrive as we approach 2022, offering a combination of lifestyle, affordability and opportunity.