We’ve long been advocates of the move to invest in Brisbane property and now there’s even more data highlighting the huge opportunity that’s unfolding in the property market in Australia’s sunny eastern city.
According to new research from Domain into enquiries made by people living in Sydney looking to move interstate, over 50 per cent were seeking a property in Queensland last year.
This includes 21.5 per cent of enquiries to live in Brisbane, followed by 15.3 per cent for the Gold Coast. Comparatively, just 25.7 per cent of Sydney buying enquiries were made to Victoria – a figure that’s been dropping since 2017.
Domain’s results align with recently published ABS figures which peg Brisbane as the number one location for interstate migration in Australia.
Population growth remains a key economic indicator that influences the property cycle. It’s the catalyst for greater investment in infrastructure and facilities, along with increased property demand, which pushes up rental yields and property scarcity.
All these factors are taking place in Queensland’s capital right now, but why are people choosing to move to Brisbane in the first place? These reasons are just a few that highlight why you should seriously consider opting to invest in Brisbane:
- Brisbane still offers the great Australian dream
At the time of writing, the average house price in Sydney is $920,000 and in Melbourne it’s $665,000.
In Brisbane it’s $504,000.
Brisbane’s huge affordability advantage is a key driver for migration. For many young families, it offers the chance to exit the rental market, not to mention own a freestanding home with space to grow. For downsizers, Brisbane can provide the chance to not only purchase a smaller home closer to the city; but keep plenty of change for retirement.
- It’s a sunny climate for investors
Over the last year, the housing market in Brisbane has remained strong, with small and steady growth over the last 12 months. Looking deeper into the statistics of freestanding Brisbane houses within 5-7 km of the CBD reveals exponential growth, with some experiencing double digit capital growth over the past year. Meanwhile, the Melbourne (-9.8%) and Sydney (-10.9%) markets have past the top of the growth cycle and are currently in decline.
- The city is on the move
Brisbane infrastructure has been booming over the last few years and is set to continue with a number of job-generating projects on the horizon. The Federal government (along with state and local government) has allocated major funding to boost South East Queensland projects including upgrades to roads, airport and hospitals.
Like all booming cities, some areas are better investments than others. This is especially true of Brisbane, a sprawling city, with diverse suburbs and dwellings. Your investment should depend on your short-and-long-term goals and priorities.
Whilst investors focused on capital gains will likely pursue low-density, entry-level character cottages on decent-sized land, other buyers seeking generous rental yield may opt for a property in a higher-density location that’s connected to transport and infrastructure.
Deciding on the right investment property for you in Brisbane, particularly if you live in another capital city, can be a daunting proposition. A lack of time and accessibility to view properties, along with a lack of local knowledge about the city and its suburbs shouldn’t put you off making a smart investment.
At Providence, we can assist with all aspects of researching, locating and negotiating an investment property for you in Brisbane.
We’ve already helped hundreds of customers do this – like Darryl who secured an investment property in Brisbane’s McDowall using the guidance and support of our expert team.
So, if you’re interested in purchasing an investment property in Brisbane or any Australian capital city for that matter, and you’re not sure we’re to start…