One thing is not in question – Brisbane, and Queensland in general, have gone through an epic couple of years of property growth. Records have tumbled as property has surged in value, buoyed by returning residents, a strong sense of FOMO and increased interstate migration to the Sunshine State.
But as property prices soften around Australia, what’s happening in Brisbane? Well, a report by the Price Predictor Index seems to indicate many suburbs in Brisbane are actually defying the downturn. In fact, there’s a total of 96 suburbs across Brisbane with prices that are still rising!
The report author is analyst Terry Ryder, and he states that what we have in Brisbane are distinct and strong markets within the overall market.
“It’s very rare for everywhere in a city to be down, and what we’ve seen is that overall the market has dropped, but some sections of the market as strong as ever,” he said to the Courier Mail.
Which Brisbane Suburbs are Staying Strong
From the areas listed it’s clear that in many cases people are searching for affordability, with areas like Logan City, Ipswich City and Moreton Bay really doing well. This has also caused apartment-heavy inner-city suburbs to do well, as buyers chase smaller investments. So places like South Brisbane and Fortitude Valley are going along nicely.
There are still suburbs with million-dollar median-prices that are rising, 13 in total across Brisbane. Included in these is Wishart, which is also one of the suburbs that has seen growth in both houses and units. Sunnybank and Runcorn on the southside fare similarly, both also seeing twin growth.
88 of the suburbs were seeing price rises due to their standalone houses, of which 35 saw growth in both houses and units. Eight suburbs are rising because of their units alone, and all of these are found close to the Brisbane city centre.
15 suburbs in Logan, including Daisy Hill and Heritage Park, are rising, as are 14 in Ipswich, including Springfield, Bellbird Park and Augustine Heights. There were 11 in Moreton Bay too, including Narangba, Eatons Hill and Warner.
Why Does Brisbane Have Such Enduring Appeal?
Brisbane is the third largest city in Australia but isn’t as densely populated as Sydney and Melbourne. As a result, cost of living is lower, and the cost of property is lower. This leads to a large number of interstate investors looking to Brisbane to boost their property portfolios.
Interstate migration to Brisbane is also high, with the city growing in size and population. People are attracted to the warm climate here, the close proximity to the coast and the other natural attractions nearby.
Brisbane city itself also has a reputation as a vibrant, convenient and easy place to live. Public transport is good, any amenities you need are available and the Queensland people are friendly and accommodating. It’s generally viewed as a world class city to live in, with museums, parks, shopping centres and a vibrant restaurant and café culture.
Brisbane also has a strong local economy, being a major hub for large resource and energy companies and a global hub for mining and technology. These bustling sectors, amongst many others, need skilled migrants to prop them up. As a result, more and more people are moving here for work purposes. They all need places to live, and with a rental market that is the tightest its been in years, many will look to buy.
Contact the Brisbane Southside Real Estate Expert
The Henry Wong Team® have been strong advocates of Brisbane, particularly the southside, for many years now. We feel like Australia’s best kept secret is becoming more well known, and that’s a great thing for real estate here! So, if you have any questions, or would like to chat about the suburbs that are really doing well in Brisbane, please get in touch. Henry would love to chat about real estate with you!
