After a slow first six months of 2020, property buyers in Brisbane could not wait to get into the market and start their buying frenzy. The main driver for the market to turn almost 360 degrees is the lowest cash rate in history (see graph)
Some of the other drivers are government stimulus, Queensland scored a whopping $4 billion Federal government fiscal stimulus in March which was the highest in Australia (See map)
Towards end of 2020, Brisbane has experienced the highest market activity that we have not seen for a long time. In fact, in 2021 we have seen many properties are selling before they make their way to the market. Average number of buyers at a normal open home was around 10 or maximum of 15, now we are experiencing at least 25 buyers for each open home. The expectation is that we will see a growth in the market by up to 20% this year. However, the major issue facing property buyers is the lack of property. The high demand for properties more than the market can supply.
According to property reports, South East Queensland needs an additional 31,979 dwellings annually to keep up with demand. Land is also in short supply.
Major Brisbane projects such as Cross River rail: $5b, Queen’s Wharf $3.6 b, and the Brisbane Metro are all making Brisbane, extremely attractive for home owners, and investors, seeking safe and affordable place to call home.
Jamal Naouri, Place Real Estate
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