Brisbane, QLD Property Market Forecast for 2022

Brisbane, QLD Property Market Forecast for 2022

Forecast
This new year, Brisbane is finally ready to realize its destiny. As we know, Brisbane’s property market had always been predicted to boom. However, some people had lost faith due to the slow and steady home price growth instead of the expected explosion.

Perhaps Queensland was getting started then and is now ready to soar finally. Three of the four big banks had already predicted a 9-10% rise in Brisbane prices. Not only that, it is said to be reasonably long-term growth, too! In addition, a higher interstate migration rate and investor activity are also highly expected due to the reopening of borders.

Factors that affect the growth
One of the factors affecting Brisbane’s rising popularity is migration. According to the Australian Bureau of Statistics, Queensland had the most significant number of interstate arrivals in the first year of the pandemic. The place had a net internal migration of around 30,785 people until March 2021. To give you an idea of how massive this number is, this is double the state’s annual average from 2010 to 2020.

Other factors why both owners and investors are drawn to the city include affordability, lifestyle, and improving infrastructure. Affordability, since Brisbane is more affordable than Melbourne and Sydney; and lifestyle Queensland offers.

Adding to it is the fact that Brisbane is set to transform dramatically soon.
Brisbane Metro, Cross River Rail, Queen’s Wharf, Waterfront Brisbane, and Brisbane Live, with additional infrastructure plans for the Olympic Games in 2032, are in the works.

Another factor would be that Brisbane offers investors a reasonably solid rental yield and low vacancy rates. According to the Property Investment Professionals of Australia Investor Sentiment Survey, Queensland is investors’ number one property destination. 58% of investors believe that the place has the best prospects. The Property vs Postal survey by MCG Quantity Surveyors found it to be the top investment destination since 37.44% of investors buy properties there.

The lead cities or areas for 2022
According to Domain’s chief of research and economics, Brisbane is the place to be in 2022, with the Gold Coast and the Sunshine Coast markets in close competition. South East Queensland, especially, will have a much stronger growth rate because of pandemic migration and the lifestyle and job prospects that Brisbane offers. Of course, there’s also the Olympics in 2032, including all the infrastructure projects planned and completed. All these factors put Brisbane up in the property market.

With the 2032 Olympics looming on the horizon, Brisbane is set to become a global city. Leading the 2022 market with it are the Gold Coast and Sunshine Coast. SQM Research Report for 2022 has named Brisbane as next year’s winner of the Australian real estate market. In addition, it has also predicted a 14% increase in median property prices across the capital.

Brisbane Olympics
The upcoming Brisbane 2032 Summer Olympics could fuel the biggest real estate increase in the city’s history. Several industry experts predict years and years of property price growth that will push the median house price past the million-dollar mark.

Buyers are already looking for houses and units well within a 10-kilometre radius of the CBD. This includes Hamilton, Tennyson, Chandler, and Woolloongabba. The Olympics is just so massive that it will trigger a huge hike in the Brisbane property market with it. Worldwide real estate searches show that Brisbane and the Gold Coast are rated among the top cities. This will only escalate once international borders reopen.
Both houses and units are predicted to increase in the upcoming year because of the 2032 event. The Olympics will mark the city’s coming of age. It is also said to bring more investment dollars through its gates.

While the Olympics is a huge factor in the increase in Queensland’s property market, other powerful factors are working for the Brisbane market, such as adding several major infrastructures like the Cross River Rail, the Queen’s Wharf, and the Eagle Street development, among others.
The lifestyle that Brisbane offers is another driving force and one of its many advantages. It may not be as expensive as some of the better-established market cities in Australia, but it offers similar quality of life.

Brisbane is set to become one of the leading cities in the property market. Are you ready to explore Queensland investment property market? Let our expert investment property strategists help you with your investment strategy. Contact us today for an obligation-free complimentary consultation.