Brisbane House Prices Reaching New Heights
Brisbane’s homes are on an exciting course as in the past year the median cost of a house has risen by 13 percent. Over the last 12 months the median price of a home has risen by $78,000 which is around the average Queensland annual salary. Real estate experts are touching on how this can be just the beginning due to the successful Olympic bid, which will only fuel Brisbane’s growth further In the coming years.
According to the Domain House Price Report, the prices for homes have risen by 5 percent just in the June Quarter alone. The median price for a home is pushing $678,236. Domain chief of research and economics Nicola Powell states “What’s interesting around hosting the Olympics is that the impact on housing values isn’t going to be during the Olympics of 2032; it’s going to be far more stretched than that because in the lead up it’s such a significant event for Australia and Brisbane so we’ll see significant investment.”
The prices in Brisbane has also risen due to Melbourne and Sydney house prices increasing which adds more fuel to the continued growth in in the prices for Brisbane. COVID added an extraordinary benefit to property prices and currently there is no sign of it slowing down.
With the Olympics set to go ahead, it’s putting Brisbane on the map more and more as it adds more capital growth for the city, and the games aren’t due for another 10 years. The Olympics will grow the general infrastructure as well as job creation which in turns create good economic growth. As Brisbane edges closer to the Olympics, we have already seen that on average there are 7 registered bidders on auctions and more key properties and high-end homes and suburbs are being looked at and bought up.
When it comes to looking at the next family home or your next investment property, it’s a very good opportunity right now to upgrade because the houses are set to only keep increasing in the coming years.
Whether you’re looking at buying your next home or looking at that next investment property, contact Harcourt’s Beyond today and find out how we can help set you up for the ever-changing future.
