The Brisbane real estate market demands a discerning eye and an open mind. As you set out on your property journey armed with these key insights and a commitment to staying informed, you become better equipped to navigate the ever-changing market and make choices that align with your long-term goals. Remember, in this labyrinth of opportunities and risks, knowledge is the directive that will lead you to success.
By carefully assessing properties and considering their long-term growth potential, buyers can successfully navigate the real estate landscape in the year ahead with the support of a Buyer’s Agent. As experts, we offer invaluable guidance and a deep understanding of market dynamics, giving you a significant advantage in making informed decisions.
Below, we present our agents’ expert opinions on Brisbane’s real estate market, encompassing areas experiencing growth, potential risks, popular property types, prevailing market conditions, and other essential factors to consider when purchasing your next property.
BRISBANE MARKET INSIGHTS:
- Anna Ellis identifies the New Farm peninsula as a consistent performer for capital growth in the vibrant Brisbane property market. Due to a consistently greater demand from buyers than available supply, New Farm’s market will continue to retain its value and outperform many other suburbs in Brisbane. The area’s proximity to major employment zones, infrastructure, and desirable lifestyle makes it an attractive investment opportunity. Anna advises focusing on stable blue-chip suburbs for better growth prospects rather than emerging areas.
- Joanna Zietek emphasises the importance of evaluating property types based on long-term factors such as location, infrastructure, zoning, and future developments to assess their growth potential. It is advisable to avoid properties with negative attributes such as proximity to busy roads, noise, or flood- prone areas to protect their resale value. It has been noticed that locations falling within the school catchment area of Ashgrove State School, for example, tend to exhibit better performance compared to areas outside of that catchment zone.
- Josh Navybox highlights significant developments, including new editions of residential lot guidelines and the mandatory implementation of e-conveyancing. Recent changes to smoke alarm legislation also impact property transactions, necessitating compliance and disclosure by sellers. The REIQ Contracts’ Eighteenth Edition includes Standard Condition 6.2, allowing a 5-day extension of the Settlement Date for any reason, vital for clients dealing with mortgage delays during property purchase, potentially impacting the contract.
- Brandon Mein points out that desirable properties in sought-after locations are in high demand among owner-occupiers. We’ve observed that many buyers are particular about the specific street they want to purchase a property on and are willing to wait patiently for the right opportunity to arise.
- James Navybox acknowledges the current market’s low stock levels, steady demand, and resilient prices. He anticipates increased development applications and expects blue-chip properties in prime locations to continue commanding solid results. According to Corelogic’s daily home value index, Brisbane house prices saw a 1.3% increase in June 2023, and unlike Sydney and Melbourne, prices across the city remain significantly higher than they were just 12 months ago.
- Nikita Higgins notes that we prioritise using comparative data to determine if a property is a solid buy for our clients. One strategy we employ is the “worst house/best street” development scenario, which involves identifying properties in desirable neighbourhoods with growth potential, even if they need improvements. Our goal is to guide clients towards sound investment decisions that align with their financial objectives and maximise returns.
- Significant infrastructure projects, such as Cross River Rail, The Gabba Redevelopment, Brisbane Metro, Queensland Rail Upgrade, and QUT Kelvin Grove Campus Redevelopment, are set to positively influence property values in Brisbane’s surrounding areas, as highlighted by Nikki Carrodus. Federal forecasts predict a population growth of over 16% in Queensland before the 2032 Olympic Games in Brisbane. Instead of timing purchases based on events and infrastructure cycles, consider seizing the ideal opportunity to enter the Brisbane property market while others wait. Moreover, Knight Frank’s research reveals a substantial development pipeline of 843,573sqm expected to be delivered in Brisbane in 2023.
- While finding off-market commercial properties can be challenging, Stuart Shaw notes a particular demand for industrial sector properties. Rising construction costs have led to caution among developers and investors, but opportunities exist.
- Due to the recent increases in interest rates, Ryan Haller expects an increase in properties hitting the market. This presents opportunities for buyers, but assessing potential risks associated with properties that might be sold below market value is essential.
Whether you are a seasoned investor or a first-time homebuyer, having a knowledgeable and experienced advocate can be the key to unlocking hidden gems and securing properties with lasting value. So, take the plunge confidently, and let your Buyer’s Agent be your trusted companion on this exciting journey into real estate. With our assistance, you can confidently explore opportunities and make well-informed choices that align with your objectives.