Great news in the real estate market for those living in the Sunshine State. South East Queensland is in a position of power coming into the final leg of 2020.
According to numerous reports from Smart Property, Domain and RealEstate.com.au, the economists are now expecting a serious boom in the coming years, with Brisbane tipped to perform the best out of all Capital City Markets around Australia. The Westpac bank’s economist expects Brisbane property to surge 20 per cent between 2022 and 2023.
Since September, Brisbane home values edged back into a positive, following four straight months of decline. Values were up half a percent over the month, with both house and unit values lifting. Not only does the warmer weather drive more buyers north into the state, but the attractive size of homes and units compared to neighbouring states is another reason for interstate and international travellers to buy or invest.
The Gold Coast and Sunshine Coast have also been full of properties being sold off market and sight unseen for record prices, and CBRE notes that the annual rates of growth were strong with the Gold Coast at 3.1 per cent and the Sunshine Coast at 3.8% for house dwellings. Units were up by 1.7 per and 1.2 per cent respectively.
So what other factors make buying or investing in SEQ, and specifically Brisbane, so popular? Brisbane’s economy is being underpinned by major projects like Queen’s Wharf, HS Wharf, TradeCoast, Cross River Rail, the second airport runway and the Adani Coal Mine, but jobs growth from these won’t really kick off for a few more years. Despite global uncertainty, the economy is predicted to be worth more than $217 billion by 2031, according to the Brisbane City Council Economic Development Plan 2012-2031.
One huge boom has seen first-home buyers flock to new developments in south-east Queensland, with or without government incentives. Under the First Home Owners’ Grant and HomeBuilder grant, buyers can receive a total of $40,000 towards their first home for properties valued at $750,000 or less, subject to eligibility criteria.
ARG Property are leaders in facilitating these New Home Buyers initiatives, and with only 2 months to find a property and sign a contract to save 25k – it’s time to start the conversation.
Cheers a positive outlook for 2021 and beyond in SEQ.
Sean Porlier is a Director at ARG. We are a property partner to many finance and investment strategists throughout the country.