Brisbane’s rosy property market is creating more investment opportunities and helping further economic development in the city.
According to the recent BIS Oxford Economics Report, Queensland looks to be well equipped to withstand predicted fluctuations in market prices – Data gathered by CoreLogic early this month have predicted Brisbane's 12-month value growth at 1.1%, compared to Sydney’s 4.4% drop.
“Over the long-term, values of the most affordable properties in Brisbane have increased at a much faster pace than the median and the most expensive 10%. Over the past year, dwelling values are 0.9% higher. However, [the most affordable 10% of properties] has recorded an increase of 1.1% compared to a 0.5% increase across the [most expensive 10%],” CoreLogic disclosed.
In terms of housing oversupply, SQM Research recorded decreasing vacancy rates across Brisbane. In the past, the city has seen an oversupply of attached properties, but latest figures showed that this has significantly eased over time.
As signs of strong property market became more visible, the city also provided select Brisbane pockets a chance to progress. For instance, Silk One by Sydney property developer Sarazin is soon to be built in Woolloogabba.
The residential development will boast a rooftop terrace 20 stories high. It is set to deliver 178 residencies comprising a mix of one, two and three bedroom open plan apartments with prices starting from $369,000 (including one car park).
Sarazin Managing Director Darren Dougan revealed that they chose the Woolloongabba site, as it’s in best position to benefit from changing Brisbane market.
“Queensland’s interstate migration is the nation’s highest, and the affordability gap between Brisbane and Sydney is now at 66%. Plus the jobs market is surging - with 130,000 net new jobs within the past year,” Dougan said.
CBRE Brisbane Managing Director Paul Barratt also expressed confidence in Brisbane’s inner-city residential apartment market, saying that “Brisbane not only offers premium value at attainable prices, but with the market due for a natural correction - the Queensland capital is ahead of its southern counterpart when it comes to long-term financial return.”
More investments are expected to be injected in Woolloogabba after the construction of new infrastructure in the suburb begin, including the Woolloongabba Bikeway, which will be the city's largest new bikeway; and the new Brisbane Metro project, which will include a station within the Woolloongabba catchment, among others.
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