Brisbane has been the capital city displaying the most resilience in the face of a property downturn. According to many sources, we’ve weathered the worst of it and the property market is back on track. Brisbane was one of the strongest markets during the boom of 2020-21 and has been performing stronger than most locations when it comes to the post-boom adjustment.
One segment that has stayed especially strong, and continues to impress, is the Brisbane prestige property market. We’re talking homes that command sums of plus $1.5-million. These homes have really held their own over the last few months, particularly when marketed by the right real estate agent.
The ‘Brisbane Benefits’
What’s behind the resilience of our property market? It can’t just be our glorious climate (although that does have a part to play!) There are a few reasons why our home prices have held relatively firm, and why the future looks bright for property and luxury real estate in Brisbane.
During the pandemic years interstate migration to Brisbane reached fever pitch levels. A favourable response to COVID, plus our desirable weather and more affordable housing saw many of our southern neighbours look north for investing and living. That interest hasn’t faded away, with interstate migration levels remaining high. In fact, by 2030, the population of Queensland is predicted to have increased by 15%.
Interstate migration is bolstered by our borders opening up, and overseas migration returning to pre-pandemic levels. We’re on track for a net migration boom of over 300,000 people onto Australian shores in 2023. Skilled professionals immigration numbers are coming back, as are wealthy international students. Net overall migration is higher than it was in 2019, and Brisbane has always appealed to overseas migrants. This all means a surplus of buyers looking for property here, and with listings short on the ground, prices are on an upwards trajectory.
The Shining Beacon of the Olympics
Brisbane Summer Olympics, 2032. What an exciting prospect for homeowners and investors in this city, as it sits on the horizon like a shining beacon! The Olympics puts Brisbane on the global map, showcasing our unique lifestyle, lovely weather and strong economy. The buildup to the event attracts qualified, knowledgeable workers because there will be plenty of jobs for them. These are skilled, wealthy professionals looking to invest in the prestige property market and capitalise on everything Brisbane offers.
With the Olympics comes improved infrastructure, massive developments and once in a lifetime upgrades to a city. The Brisbane prestige property market will reflect all of that.
Chinese and Asian Investment
Chinese investors are back in a big way in the Australian property market. Covid restrictions have ended and our relations with China have improved drastically, all fostering a positive investment culture. After a relatively quiet 2021-22, Chinese investment in Australian property is expected to reach $4.8-billion, with the Brisbane prestige market being a large beneficiary of that. Our lifestyle, attractions, affordability and potential are hard to ignore for wealthy Asian investors!
Engage the Right Agent
If you’re looking to sell your luxury property in Brisbane, it’s essential you list with a real estate agent who can help you capitalise on the positive sentiments. The Henry Wong Team® has been selling in Brisbane for many years, building up a formidable network of contacts in the process. We expertly leverage this network to give our listings maximum traction, ensuring its seen by wealthy Asian buyers who we are constantly in touch with.
What does this look like in practice? Well, 90% of our Brisbane sales are ‘cash, unconditional’ contracts. This means they’re not subject to bank valuations, building and pest and other conditions. Thanks to our robust network, we also introduce our properties to out-of-area, interstate and overseas buyers as well as the wealthy Asian buyers who haven’t considered your suburb. Most local agents simply can’t reach these buyers.
The Henry Wong Team® has the added benefit of being truly bilingual, and having a deep understanding of both Asian and Australian culture. This allows us to build trust and confidence in the sale and negotiating process with Asian buyers. We will get the right price for your property.
Got any questions? Get in touch today. Henry would love to answer them.