Here’s four reasons Brisbane is leading the pack in 2022.
Along with the continuation from expats coming home from Singapore and Hong Kong, the millennial migration has spurred unprecedented demand for property.
In 2021 we saw a huge amount of growth coming from interstate migration, with 25,000 out of 32,000 coming to Brisbane. Now 50 per cent of our buyers are locals and the other half are interstate or international.
Younger people are drawn to the affordability and lifestyle of Queensland, and the expanding job market.
2. Rampant Demand
The total listing volumes in Brisbane are trending lower than any other capital city market in our country. When there is low supply, there is less choice for buyers. It creates more urgency, and there is a real fear of missing out. If we go back to the basics of supply and demand, when people want something more (demand), price goes up. When there is limited supply, the price goes up.
3. Sydney and Melbourne stock is rising
Once again, let’s look at the numbers. Sydney’s house prices fell 0.1 per cent last month, and Melbourne values are stagnating. Why? Poor affordability, higher mortgage rates and a rise in listings. As more properties are coming online, buyers are less willing to pay more and more to secure a property. Ultimately there is more choice, and the marketplace is starting to level out as demand reduces.
4. The value of land
Despite the devastating floods we have experienced in the last month, some owners who were looking to sell may be impacted in the short term. However, we still have the value of land on our side and as you know residential land is a precious commodity.
I hope you enjoy the read.