- December 8, 2021
- Posted by: Rogers Property Group
- Categories: Brisbane Property Market, Latest News
If you were surprised by the property price growth in 2020, 2021 must have you absolutely shocked. REA Group reports, major capital cities in Australia have house prices increased by 22% and is recorded as the third fastest rate in Australian property market history. However, the housing boom is not done yet and is expected to feel its full force next year particularly some of Brisbane suburbs.
Brisbane has recorded almost 24% in price increase over the past year including the Gold Coast region, according to CoreLogic data. Being fairly unaffected by Covid lockdowns and major restrictions compared to Sydney and Melbourne, many city dwellers from down south have flocked to Brisbane to escape lockdown and live a less-restricted city lifestyle. Indeed, the pandemic has shifted people’s priorities about where they wanted to live. “A lot of people have decided to reassess their lifestyle and their location, and Queensland looks pretty good on both of those fronts, in terms of affordability, climate, security and non-congested lifestyle”, Leading demographer Bernard Salt said.
Once we all come out of our lockdown lifestyles and resume life as normal, house prices are expected to continue to rise in the Sunshine State’s capital. Here are a few suburbs to watch into next year by property experts.
Suburbs to watch in 2022:
- Bracken Ridge
- Wavell Heights – Kedron
- Bray Park – Strathpine
- Holland Park – Mount Gravatt
- Chermside West
“The last decade was ‘incredibly underwhelming’ for the third largest city’s property market – with the median house price only rising 3% annually and apartment values ‘not moving at all’ – but that ‘now is Brisbane’s time to shine”, Simon Pressley, Propertyology’s Head of Research said.
Low interest rates, lots of extra cash reserves in mortgage offset accounts and improved buyer confidence has released years of pent-up demand. And with only 20,506 dwellings listed for sale (compared to 31,101 this time two-years ago), the pressure on Brisbane asset values is now as intense as 2003, when Brisbane saw 30% growth.