For years we’ve remained patient while set after set of capital gains washed through Sydney and Melbourne. You could almost hear the hoots and hollers south of the Tweed as owners lapped the adrenalin rush of rising values.
But fear not Brisbane… our wave is coming.
Since the GFC, Greater Brisbane real estate in general has had a little trouble finding its feet.
The 2011 floods didn’t help in the recovery when the rising waters washed away enthusiasm for our river city.
Since then, we’ve been expecting a rush, however the post-mining economy set in with a dour visage.
We had plenty to offer new residents and potential landlords, but low job prospects both here and regionally meant we couldn’t capture the working population en masse.
One city, many markets
Since 2014, Greater Brisbane really has been at the ready for a value upswing. A big uptick in real estate values seemed imminent because we’ve historically followed Sydney’s hot runs.
While Greater Brisbane’s capital gains have been comparably modest overall, some markets actually haven’t been too bad – another reason why capital city ‘headline’ growth rates can be deceptive.
As always, great locations with fantastic fundamentals and good quality property continued to curry favour. Inner city positions always attract a crowd and most property owners within 5km of the CBD would have enjoyed decent annual gains – but the big double-digit, across-the-board rush has eluded us – but it feels pending.
What’s different this time?
Recent evidence shows Sydney has finally hit its lull.
Auction clearance rates are lower and it feels like buyers are seriously doubting the value of the Harbour city’s pricing. When you need $1 million-plus at your disposal to purchase just about anything, it’s easy to understand why buyers have reservations.
This is a good thing for Brisbane property owners of course – and it looks like we’re at the start of being ‘discovered’ once more.
The buyers I’ve been dealing with from across the border are looking to free up equity from their homes and put it to work – and why not? The time is ripe.
Best of all for southerners, borderless investing is as easy as picking up the phone and talking to a local specialist buyers’ agent like Property Pursuit.
Where to buy?
Right now, there are Brisbane suburbs that offer excellent value and are primed to grow.
Some of these addresses might even have local buyers flummoxed.
Many Brissie-based buyers feel our blue-chip addresses are already too pricey, but experience tells me once they start to compete with a heap of out-of-town buyers who spot these undervalued locales, momentum builds and Brisbane purchasers are suddenly rushing to catch up.
There are a few numbers to keep an eye over the coming months that will help telegraph impending growth.
Our net interstate migration is on the rise – up to around 16,000 new residents per annum at present. This is good news because we were floundering down at 5000 per year during our slow property market years, while our biggest real estate years saw closer to 25,000 net interstate immigrants.
Our state’s employment number is not great at six per cent but a ramp up in infrastructure projects coupled with our lifestyle drivers and relative affordability means more companies are sure to become enamoured with Brisbane – and the employees will follow.
Are you prepared?
There is a wave coming Brisbane – I’ve been watching the swell on the horizon.
Smart buyers are at the ready because as an increasing number of residents from our big southern sister cities begin realising what we have to offer, it’ll be rows deep at the Kingsford Smith arrivals lounge with new maroons looking to build a better life.
And they will all need somewhere to live.
Want to stay ahead of the wave? Call us now or you could miss out on the ride of your life.
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