The property market in Brisbane has accelerated in recent times, sustaining a high level of demand throughout the year leading into early 2022. With 3912 total sales in the last quarter and the rise of median house prices in the back end of 2921, all signs are pointing towards even more growth in 2022. While the median house price has increased at a slower rate in the last quarter compared to the 4.7 percent in the previous quarters with the easing of nationwide restrictions leading into the year 2022, these numbers are set to dramatically increase as people are willing to make bigger decisions.
For these individuals who look to acquire property on the fringes of Greater Brisbane, prices have remained at an affordable level, while still maintaining its consistent growth.
Decreased listing volumes have also played a big part in Brisbane in comparison to other east coast cities such as Sydney and Melbourne who are respectively in line with the long-term average and slightly above it.
The Government estimates that 475,000 new jobs will be needed to support the extra population over the next two decades. The Smart State strategy has identified knowledge-based, creative industries as the growth areas. These would include aviation and aerospace (especially in the western corridor), biotechnology, information and technology, tourism and pharmaceuticals.
The “activity centres” concept in the Qld Government infrastructure plan is aimed at reducing the huge amount of traffic commuting across the city and across the southeast region each day. The idea is that people will live close to centres, based on key public transport hubs and they will catch buses or trains to work, shop, use government services and recreation and leisure facilities.
Before the official cash rate is raised, the Reserve Bank has said that a number of conditions must be met. They have specifically confirmed that the inflation rate must remain within the range of 2% to 3% before any modifications are made.
Leading into 2022, individuals should expect the market to continue surging with the announcement that Brisbane will be hosting the 2032 Olympic and paralympic games, inherently resulting in the acceleration of investment in infrastructure. With these exciting prospects to look forward to in the future, it is clear that Brisbane will cement its place as the fastest growing capital city market in Australia, in terms of housing prices and unit prices.
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