Brisbane has been in the eyes of many savvy investors as the next big city to dominate the property market in Australia. It’s a beautiful city with an accelerating growth rate and has one of the most popular tourist attractions in the whole country.
But due to the ongoing COVID-19 pandemic, Brisbane, like any other property market in Australia, faces new challenges. Both investors and owner-occupiers are wondering if it is a good idea to buy or sell right now.
Therefore, let’s see how property values in Brisbane compare to other big cities in Australia as per the study done by valuationsqld.com.au.
Brisbane and Sydney
It’s a well-known fact that Sydney has been leading the Australian property market for a long time now. In fact, before COVID-19, Sydney property market recorded its fastest turnaround with dwelling values recovering by 13%.
As for Brisbane, household incomes are about 12% lower, which underpins the value of the real estate in Brisbane. This means that Brisbane is still about 50% of Sydney’s property prices.
Brisbane and Melbourne
Like Sydney, Melbourne property prices were shooting high, with a 12% increase seen in the city’s dwelling values. The surge was mostly seen on more expensive properties rather than affordable housing.
On the other hand, Brisbane is also coming in strong. The city of Brisbane recorded a 0.6% increase in its dwelling values in March. In the past year, Brisbane dwelling values increased by 3.1%, and this is currently the city’s record high.
Brisbane and Adelaide
Adelaide is a lot similar to Brisbane. Their dwelling values are also currently at a record high with a 0.9% increase over the past year. The large concentration of the growth was seen on the affordable end of Adelaide’s property market.
Unlike Brisbane, Adelaide lacks significant pillars to support its economy. This then gives Brisbane an advantage on the Australian property market over Adelaide.
Brisbane and Perth
Perth is the final comparison on our list. It has started to pick up in the country’s property market.
However, in the past year, Perth’s dwelling values subsided by 3.1%, which is below the record high. This makes Perth house values the lowest in the whole country.
In conclusion, Brisbane is a city that promises to bloom perfectly after the ongoing pandemic. It presents amazing opportunities for one to own a lovely property.
Therefore, you should consider investing in Brisbane with the help of professional real estate consultants.