We have been going on for a little while about how property prices in our local area have been rising strongly , with sellers very happy. We have also seen some very extraordinary demand with most properties selling with multiple offers and hugh crowds at open homes.
Now the property experts are starting to agree with us:-
Well…Brisbane house prices remained resilient last year when other parts of Australia suffered from the economic impact of the GVC (Global Virus Crisis) but they are now roaring ahead in 2021.
A recent report released from ANZ Bank forecasts Brisbane house prices will rise by a strong 16% through 2021, before slowing to 8% property price growth in 2022.
What a turn around from all the pessimistic forecasts all the banks made in the middle of last year.
ANZ senior economist Felicity Emmett expects the Australian Prudential Regulation Authority (APRA) will introduce macro prudential measures to slow house price growth into 2022.
Currently the Sunshine State is shining and has delivered 5.6% growth in the last 3 months and housing prices are up by 8.3% in the past year.
Outstanding demand for lifestyle areas as well as extremely strong demand for detached houses in Brisbane, particularly in the inner and middle ring suburbs has delivered 5.3% overall growth in the last 3 month, with Brisbane’s more expensive properties outperforming.
In less than 12 months, Greater Brisbane has had an almost fivefold increase in the number of suburbs showing housing prices are on the march.
To think, less than 12 months ago, when Australia was in the midst of the pandemic, there were just 28 Greater Brisbane suburbs showing a housing price increase.
That number doubled during the following quarterly survey, when 56 suburbs were identified and now a whopping 124 suburbs are showing house prices are steadily increasing in value.
Just like in our local area
“The uplift in sales activity in the past six months has been extraordinary,” said Hotspotting property analyst Terry Ryder of Queensland’s fortunes.
The research is generally considered a precursor to price growth with both Greater Brisbane and regional Queensland recording their highest figures in the six years the quarterly surveys have been conducted.
Within metropolitan Brisbane, the northside has collectively performed better with 20 suburbs, including Banyo, Chermside, Everton Park and Kedron, showing steady growth in values.
So if you are thinking about buying or selling, talk with one of the team at MHRE about how you can get the best possible result in this extraordinary market at the moment.