2020: How’s the New Year Property Selling in Brisbane?

Now that the New Year (2020) has come, we assume that every property buyer and seller have certainly one question in mind: Is it the right time to move into the Brisbane property market? Well, like most real estate agents often say — it depends. Remember, Brisbane doesn’t have one single property market. Each area has its own stage within the property cycle.

With that, let us just leave you some trends and information to help you decide with your investment and selling plans in the future.

It’s true that Brisbane is a property market where you can now feel the confidence in buying. With progressing economic growth and job creations supported by the biggest infrastructure spend since the 2011 flood recovery, more and more investors are now looking for opportunities in Brisbane where properties are more affordable, rental yields are relatively higher and future prospects for the market look bright (Yardney, 2019).

Moving in 2020, economic forecaster BIS Oxford Economics even says Brisbane has the potential to lead the capitals, with the value of Brisbane properties forecast to surge as much as 20% over the next 3 years as economic growth underpins buying in the city’s relatively affordable housing market.

Having said that, the property market in Brisbane is indeed set for a strong start in 2020, thanks to a few major projects like Queens Wharf (aka the new casino), Howard Smith Wharves and very strong housing affordability compared to Sydney and Melbourne, which according to Michael Matusik, the current price to income ratio required to buy in Brisbane is 5.3 times at a median house price of $524,000.

Aside from those, Domain claims that property prices in Brisbane are expected to increase by 3-5%, while apartment prices are tipped to rise by up to 2%.

Therefore, its relative affordability has made Brisbane and south-east Queensland an attractive prospect for buyers and contributed to strong interstate migration. This trend is expected to continue in 2020, with annual population growth remaining at 1.75%.

Low interest rates and a lower Australian dollar will also boost the Queensland economy and property prices.