Brisbane Taking Place on Investors' Radars
South East Queensland currently appears to be on everyone's radar. While we might want to say it's because of the beautiful weather and beaches, there are a lot of better reasons behind Brisbane's recent rise. Here's the breakdown as to why Queensland's Capital City is so attractive to homebuyers and investors alike.
Historically slower rise in annual rate
Home values across the city have risen at an annual rate of 1.2% in the last decade. This is half the pace of inflation of Sydney and Melbourne where annual gain averaged 6.3 and 5.9 over the same period. At the end of 2017 the values of Sydney houses were 102% higher than Brisbane’s – Melbourne wasn’t too far behind either, with their house values 57% higher.
Average incomes vs. Average house costs
Brisbane’s median house price is $536,000 in comparison to Melbourne’s $821,000 and Sydney’s $1 million median house prices. According to recent CoreLogic figures, Sydney houses cost 9.1 times the average income of residents, which is huge in comparison to Brisbane, where the cost of a home is 5.9 times the average income. CoreLogic figures also show that Sydney households are only earning 12.9% more than Brisbane's. Brisbane residents are earning 0.7% more the Melbourne residents. Showing there's more bang for your bucks in the great south east.
Migration to Queensland
The sunshine state is also expereinceing high migration than other states, having been outpacing Victoria since 2013. These higher migration rates are producing higher demand for housing in the state overall.
Improvements in the State's employment Market
The Queensland Government are currently boasting of the 113,000 jobs created in 2017. This is great news for Queenslanders as until recently, a healthy labour force was a missing piece in Brisbane's housing market.
Future Growths Predicted
Real estate John McGrath tells the Financial Review, “When you factor in key drivers for future growth – liveability, affordability, scale and future economic prospects, they all suggest that Brisbane is a market to invest in.” Deloitte reports that the Residential property marker in Australia is overall expected to remain solid with population and job growth expected to continue into 2020.
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