Brisbane is poised to become one of the best-performing property markets in Australia over the next three years, according to an expert at Metropole Property Strategists.
Michael Yardney, director of Metropole, said Brisbane has remained resilient over the past year amid the negative impacts of the COVID-19 pandemic on the housing markets.
"Increased demand for Brisbane houses has been underpinned by increasing consumer sentiment, historically low interest rates and internal migration considering the relative affordability of houses in Queensland compared to Sydney and Melbourne," he said.
According to the latest report from CoreLogic, dwelling values in Brisbane rose by 4% on annual basis in January, hitting a median value of $527,826.
A separate report from Westpac showed that prices in Brisbane are tipped to surge by 20% between 2022 and 2023.
"Brisbane is likely to be one of the best-performing property markets over the next few years," Yardney said.
Yardney said three factors will continue to provide positive growth drivers to Brisbane's property market. The first is the removal of overly restrictive lending rules.
"This will give more people access to easier credit, enabling them to borrow more and get into the market," he said.
The swift recovery of the economy from the disruption brought about by the pandemic is also going to be a game-changer, Yardney said.
Furthermore, the likelihood of rates staying low for the next few years will continue to spur activity from buyers.
"The RBA promised not to raise rates for at least three years, saying it will do everything it can to support jobs, businesses and boost our economic recovery," he said.
