In the world of real estate, timing can make all the difference. As prospective buyers, past buyers, industry peers, and real estate agents, you’ve probably heard this mantra time and again. But when it comes to the Brisbane property market, is now the right time to take the plunge, or should you wait on the sidelines a little longer? Let’s explore the factors that suggest this could be an opportune moment to make your move.
Brisbane’s Rise to Global Acclaim
First things first, let’s talk about Brisbane’s ever-evolving identity. In recent news, Brisbane’s The Calile Hotel made waves by securing the 12th position in the inaugural World’s 50 Best Hotels List. It’s the only hotel in Oceania to earn this prestigious recognition, and if you’ve seen its Miami-cool design and often Instagrammed pool deck, you’ll understand why. This accolade underscores Brisbane’s growing reputation as a global destination.
The Property Market’s Recovery Phase
Now, let’s dive into the heart of the matter – the Brisbane property market. The market has shifted into the recovery phase of the property cycle. Over the past seven months, we’ve witnessed consistent month-on-month increases in median property prices. In a national market on the rise Brisbane is one of the best performers.
Prospects for 2024 and Beyond
What makes Brisbane an attractive prospect for property buyers in 2024 and beyond? Several factors come into play. Hosting the 2032 Olympics is set to put Brisbane firmly on the global map. This monumental event promises not only a surge in international attention but also unique lifestyle and economic benefits. These attributes are likely to draw overseas migrants and create an abundance of jobs for highly paid knowledge workers.
Population Growth and Economic Expansion
Federal government forecasts suggest that Queensland’s population is expected to grow by more than 16 per cent by the time Brisbane hosts the Olympic Games in 2032. Such substantial population growth translates into increased demand for housing driving property prices higher. Brisbane’s economic outlook is strong in the short and long term.
The Numbers Don’t Lie
To further illustrate Brisbane’s property market strength, let’s turn to some recent data. Corelogic’s daily home value index indicates that Brisbane house prices saw a 1.5 per cent rise in August 2023. Dr. Andrew Wilson’s My Housing Market also reported a 1.3 per cent increase in both house and unit prices over the same month. Additionally, Proptrack’s August report showed that Brisbane home prices lifted by 0.27 per cent after rising by 0.37 per cent in July 2023.
A Long-Term Perspective
The answer is yes, now is the right time to purchase in Brisbane. In the short term prices are trending upwards and the long term growth prospects are extremely strong. The unique combination of factors at play in Brisbane suggests that now is the time to get a foothold in this thriving market, whilst others take their time on the sidelines.
Brisbane’s emergence as a global hotspot and its robust property market trends are compelling reasons to explore the opportunities it has to offer. Whether you’re a first-time buyer, a seasoned investor, or simply curious about the real estate landscape, Brisbane’s property market presents a promising landscape worth considering and our team at Cohen Handler Queensland are here to get that property journey started and secured.