Brisbane's housing market is set to maintain its strong footing this year as buyers continue to snap up properties while stock remains low.
Melinda Jennison, managing director of Streamline Property Buyers, said dwelling demand continues to rise in Brisbane due to interstate migration, the broad range of stimulus measures, and positive changes to market sentiment.
"Tight levels of inventory combined with rising buyer numbers creates urgency amongst buyers, which in turn adds to the upward pressure on property prices," she said.
Jennison said activity from first-home buyers is one of the crucial things to watch out for this year. The segment appears to be particularly interested in dwellings in the sub-$500,000 price point.
"We expect this to continue driven by low interest rates and the fact that it is often cheaper to own a home than to rent in many areas throughout Greater Brisbane," she said.
Investors are also likely to remain active in the coming months. High level of interest can be seen in dwellings in price points up to the mid-$700,000. Brisbane's attractive yields and the cheaper costs of borrowing are two factors that would likely keep investors on their toes this year.
Justin Nickerson, director of Apollo Auctions, said it is also important to closely watch the suburbs in Brisbane's 'outer inner-ring'. These suburbs are three to five kilometres away from the CBD.
"The sweet spot for Brisbane has always been the 'outer-inner ring'. Suburbs in this region have grown steadily across the past four years but does this growth continue or will people be looking for greater value further out?" Nickerson said.
Adam Empringham, director of sales at Image Property, said lifestyle properties, including those with water views, will continue to be in strong demand sought after not only in Brisbane but also in the Southeast Queensland region.
"The lifestyle market is also being driven by the interstate market through the fact that it's very, very good value for money by comparison. So, that's going to be a key market to watch, especially on the Sunshine Coast, " he said.
Empringham said marketplaces on the outskirts of cities are also going to be in demand.
"These market sectors are certainly going to be set for growth and that's driven by the fact not everybody has to go into the office anymore," he said.
