Australia’s standard of living is the highest in the world for any nation consisting of more than 10 million people, making Australia one of the world’s most desirable places to live. Brisbane was one of three capital cities that recorded growth in house sale prices and buyer interest during recent months – making it an exciting time for the property market in Brisbane. And it is not just the property market – there are some significant major projects currently underway, including a $1.35 billion airport expansion, $1 billion gateway upgrade, $3 billion RNA showgrounds redevelopment and $1.1 billion Moreton Bay Rail Link. As well as pipeline proposals including a $5.2 billion BaT Tunnel, a $3-plus billion integrated resort and casino and an expanded medical hub at Herston.
Median House Prices:
- Brisbane City: $590,000
- Redland: $482,500
- Moreton Bay: $422,250
- Logan: $380,000
- Ipswich: $336,750
House prices in Logan have risen by 6.1%, which is the highest increase of all the greater Brisbane suburbs. Ipswich house prices have increased by 5.2%, followed by Brisbane City at 3.5%, Moreton Bay City at 3.2% and Redland City by 1.6%.
Median house values in Brisbane have climbed by 4.9% to $494,000. And although median unit values have shown a modest increase of 2.1%, there have been an increasing number of sales – in particular to interstate and offshore investors.
Median rent prices have risen to $438 a week for houses and $411 for units, with Brisbane providing more balanced property investment options compared with Melbourne or Sydney. Median rent prices in Brisbane have grown 2% and Brisbane's 4.6% yield is the third best in the country, with only Hobart and Darwin offering better value.
Brisbane homes are taking an average of 37 days to sell. Carindale in Brisbane’s south is the state’s fastest selling property market – with units selling in just 25 days, one of the fastest averages on record for Queensland. Capital city suburb Camp Hill followed closely behind on 28 days, Wilston and Belmont were equal third taking at 32 days for houses to turn over, followed by Salisbury at 33 days, while Everton Park, Mansfield and Tingalpa were the fifth fastest sellers at 36 days.
The median house values for Brisbane are forecast to increase by an impressive 13% by 2018 – truly making it a seller’s market. Yields in Brisbane are much higher compared with Sydney and Melbourne and affordability is far superior to the two larger cities. Brisbane is the city that has the best immediate prospects for capital growth. Historically, Queensland has never attracted more than $2.1 billion of investor loans in an individual month.
However, in May 2015 investor loans were at more than $13 billion, which is a phenomenally high figure in historical terms. And over the next 12 months Queensland is set to be the most popular destination of choice for investors. Contemplating impressive recent and predicted median house value growth, higher yields and affordability compared to larger capital cities such as Sydney and Melbourne and record figures for investor loans – it is a truly exciting time for the Brisbane property market.