Kathryn Lee - 29 May, 2020
The golden child of the Australian property market, Brisbane has all the creature comforts of a capital city with a little more space.
From the riverside CBD and glimmering Gold Coast, there’s no shortage of spectacular places to lap up the sunshine. It pays to buy in paradise too, with data from CBA showing that Brisbane has seen an annual change in dwelling prices of approximately 3.8%.
This brings the median city purchase price $524,000. Not only is it an excellent place to live, but Brisbane is also a great choice for an investment property.
Thinking of buying in Brisbane, Queensland? You can check out the table below to compare median suburb prices:
Across all states and territories, clearance rates as well as the number of new listings have declined rapidly. This has been as a result of a ban on open homes and on-site auctions.
As well as this, the annual growth of dwelling values across all states has continued to slow. Similarly, rent growth has been declining as well due to travel bans and policies which have inhibited the short-term rental market. Prior to COVID-19, the rental market was already weak and as of April 2020, the annual growth in the rental market stood at approximately 0.8%. This is half of what it was in the prior month.
Decreased tourism to Queensland and travel bans have meant that properties that used to be Airbnbs are being pushed onto the long term rental property market. In some areas of Brisbane, there has been a 10% increase in the number of rental properties put in the market.
When coronavirus hit, the Brisbane property market had been at a strongpoint. While property prices increased by 0.6% in March 2020, this growth slowed in April when prices saw a 0.3% increase in Brisbane. First home buyers and owner occupiers continue to keep this market active.
While breaking into the Brisbane property market is relatively accessible compared to other capital cities, you may want to consider using a mortgage broker.
eChoice has some of the best mortgage brokers in Brisbane who have access to thousands of loan products and can help you find the right one for you.
This information is a guide only and is an estimate only based on the past 12 months of aggregated online mortgage enquiries from eChoice and partner programs.
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