2018: A Good Year for Brisbane Property
A surplus of units from the 2017 slowed growth in the Brisbane market, with the latest CoreLogic property value index reported a low 0.3% growth in Brisbane dwelling values in the last quarter of 2017 (with an overall growth of 2.4% for the year). Increasing costs associated in buying a home also deterred home owners from upgrading with Domain reporting an increase in renovation loan applications last year, where many invested in improving their home instead of relocating.
However, it could be your year if you're looking to invest in 2018, with Brisbane expected to be the one of the best capital cities for capital growth.
The South-East Queensland market is considerably more affordable than those in Sydney and Melbourne, and interstate home buyers and investors have been busy looking at property in Queensland, even as Sydney and Melbourne house prices expected to fall. With the attractiveness of a ‘luxury’ home a fraction of what they would expect to pay in Sydney and Melbourne, analysts predict that many from the south will continue looking towards the Sunshine State to spend invest their money.
First-home buyers are also predicted to take advantage of local property investors taking a step back from the Brisbane market. With their eligibility for stamp duty concessions, wide selection of new unit developments and low interest rates, 2018 is a great opportunity for those looking to buy their first home; with job growth improving in the Sunshine State and investors cautious on buying apartments, many are purchasing new, inner-city homes at a great price.
Current home owners should also expect a steady growth in prices - especially for those in the inner-city suburbs. With new developments such as Howard Smith Wharves and Queens Wharf in the works to increase tourism and activate our city, and with money being spent on quality infrastructure across the city, along with other developments booming in Logan and Ipswich, the property market in 2018 is set to be an interesting one.