Brisbane’s Slow and Steady Growth Makes It One of the Best-Performing Capital Cities blog image

Brisbane’s Slow and Steady Growth Makes It One of the Best-Performing Capital Cities

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While Sydney and Melbourne have seen housing prices increase by 50-60% these past few years, Australia’s third largest capital city, Brisbane, had grown by an unexceptional 1.2%. However, Sydney is now trying to keep their head above water due to its largest annual drop in house prices since the global financial crisis. Melbourne’s property prices have also suffered their biggest losses since 2012.

Brisbane’s growth in the past 12 months

Brisbane, on the other hand, continues its slow but steady growth where house prices increased by just 1.8% in the past year. Brisbane’s property market has done well to encourage first home buyers and other ordinary buyers to purchase property in the city.

According to BIS Oxford Economics head of property research, Angie Zigomanis, this type of stable environment is what other cities in the country should strive for. He adds, “In an ideal world, this is what happens: affordability doesn’t go crazy and incomes go up.”

What’s next for Brisbane’s property prices?

Even though the future of property investments in Brisbane look exciting, it is likely that house prices in the city will not experience heady price growth due to the tighter lending conditions in the country. AMP chief economist, Shane Oliver, suggests that it would be more likely that Brisbane will see moderate increases of 2-3% in the months ahead.

Michael Yardney of Metropole Property Strategies believes that just like Sydney and Melbourne, Brisbane will also have its “time in the sun.” Mr Yardney believes that “Once the economy improves and wages go up, that’s what will give owner-occupiers confidence.”

He believes that due to new infrastructure being built in the city like Queens Wharf and the new airport runway, people will come to Brisbane to chase those job vacancies. He adds, “It’s a snowball effect: these people move up to Brisbane and rent, then they want to buy.”

If you need assistance with any home loans in Brisbane, contact a Chan & Naylor accountant near you, and we’ll be more than happy to help.

Aside from home loans for home buyers in Brisbane, have a look at our other accounting and advisory services that we do to help you achieve greater success.

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Chan & Naylor Group has nationwide offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with your loans as well as any property tax or business tax enquiry that you may have. Contact us today.

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Source: domain.com.au

Photo: Stock Photo Secrets

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