29 Mar 2017 / by admincom / in Property Options
Summer is over but Brisbane property is sizzling
New high for median house price
The Brisbane property market is the talk of backyard barbies and around the water cooler with the latest results taking the property values to a new high never before seen.
The median price has hit an impressive $655,000, with the latest figures from the December 2016 quarter from the Real Estate Institute of Queensland (REIQ).
According to REIQ chief executive Antonia Mercorella, the Brisbane residential house market is a dependable performer.
“This is consistent, sustainable growth that the Brisbane market has become known for and it is great that it’s such a solid performer,” she said.
This latest news is sure to keep all eyes looking north as Melbourne and Sydney investors scramble to enter a market that is both affordable and producing incredible results.
Not only do Brisbane properties offer value for money, but the city is prospering with a strong, growing local economy. The city’s $146 billion economy (source: Brisbane City Council – Key Economic Facts 2016) is predicted to grow to more than $217 billion by 2031, and is recognised as a key driver of the Australian economy as it enters its 26th year of continuous growth. (source: Austrade 2017)
Brisbane’s appeal is also driving families back to the city with couples wanting to start a family, or couples with young children leaving the rat race of the mega cities for a much easier lifestyle.
Of course, it’s not just lifestyle that has people turning to Brisbane, it’s financial common sense, especially for Sydney-siders. According to Uno Home Loans data analysis:
- Rents are up to $700 cheaper in Brisbane than Sydney
- Stamp duty is significantly lower
- Median house price is almost half of Sydney
Families are ditching Sydney for this reason, buying large spacious homes in great areas for the same price as a cramped, run down terrace in Sydney. Many are finding they have to choose between adding to their family or upgrading their home because, “financially it’s not doable.”
A couple like Andrew and Karen found that trying to upgrade their Sydney home was just too much of a challenge. Faced with the opportunity to sell their Sydney fixer upper for a four bedroom, two bathroom house with a pool on a 900 sqm block with $200,000 in change, it ended up a no-brainer for the family to move to Brisbane.
It’s certainly hard to disagree with CoreLogic research director Tim Lawless, “Brisbane’s market has everything going for it.”