According to an article from Your Money, while most capital cities in Australia are currently experiencing a property downturn, real estate in Brisbane seems to be progressing as noted in a most recent land valuation report from the state government.
The state government’s annual land valuation covers more than 1 million properties in Brisbane, and according to the state-wide report for 2018, Brisbane residential real estate showed incredible growth. The past two years have residential land values throughout Brisbane’s suburbs improving around 5-15%.
Brisbane suburbs that have shown impressive growth over the past two years were Milton at 19.2%, Paddington at 19.4%, Auchenflower at 19.6%, and Woolloongabba at 26.1%. As a result, median real estate prices in Auchenflower increased to $670,000 following Paddington at $740,000.
The increase in Brisbane’s land values has also had a positive effect on distant regions. Real estate in the Lockyer Valley, which is about 90 minutes away from Brisbane, increased 15.1%, as well as Logan, which is around 60 minutes away, rose by 11.6%.
In the past 12 months, residential property in some select suburbs has seen an 8-10% price growth which is also due to the climb of housing market prices in the region.
The most significant upsurge, however, was recorded in the far north Queensland suburb of Etheridge which is six hours from Townsville. Their land valuation has blasted up by 42.5%.
These numbers should give Brisbane’s property investors some relief as some significant wins in Brisbane real estate as well as the outlying areas are forecasted. Perhaps Brisbane may join Hobart as the only city in Australia that reported growth in the three months to February.
Might be a good time to buy an apartment
According to a leading property analyst, Place Advisory director Lachlan Walker, almost two-thirds of Brisbane’s apartment projects have been dropped or postponed. Therefore, the city is heading towards an undersupply of apartments that could certainly see an increase in prices.
In a report by Place Advisory, new development requests now make up just 10% of the future apartment pipeline, along with 62% held off or discontinued, and only just 28% requests approved. As a result, demand may increase which in turn will see prices rise.
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