Planning to live in Brisbane or buy an investment property in Brisbane? Well, you have made the right choice by choosing Brisbane to live or invest. Below are some of the factors that shape the property market of Brisbane.
Demand is a big factor that affects any real market and demand for the Brisbane property market has been growing constantly for the last few years. The reason behind the demand is the affordable housing market compared to Sydney and Melbourne where prices are sky-high. For the same reason, Brisbane has been a major beneficiary of net interstate migration in the past few years.
Locals who live in Brisbane describe it as a place that has everything to offer from laid back lifestyle to happening nightlife, massive shopping malls, state of the art infrastructure, luxury hotels, some of Australia’s best beaches, and international brands who are showing a growing interest in investing in Brisbane. And not to mention the great sunshine weather of Brisbane.
According to realestate.com.au, the median sales price for 2 bedroom units in Brisbane City, QLD in the year 2014 was $540,000 based on 237 home sales.
Brisbane Rental Market
Rents have gone high in last few years. Around 7 years back you could get a decent size room for rent in a shared house in around $100-$120 , it is almost double the price now around $200- $250 for a decent size room.
However, compared to Sydney and Melbourne, it is still cheaper to live in Brisbane.
A rent for a two-bedroom unit close to Brisbane CBD would be around $400- $550. the prices are expected to go higher as a result of growth in the property market in Brisbane.
Major Upgrade Projects Currently Underway in Brisbane
- $1.35 billion airport expansion, $3 billion RNA showgrounds redevelopment, $1 billion gateway upgrade, and $1.1 billion Moreton Bay Rail Link.
- $5.2 billion BaT Tunnel (an underground tunnel for buses and trains which will change the transport scene in Brisbane, a $3-plus billion integrated resort and casino which will enhance the tourism in Brisbane, and an expanded medical hub at Herston.
- 2017-18 road resurfacing program
The $90 million investment for the 2017-18 road resurfacing program will help make suburban streets smoother and safer. Works will occur across every Council ward. - LED Road Signs program
Reducing the number of accidents and near-misses at know accident hotspots. - Speed awareness monitors – drive slow for SAM
Promoting safety through driver awareness and reducing speed around busy neighborhood roads. - The Wynnum Road corridor is an important route in Brisbane’s road network, providing access between suburban and commercial catchments in the eastern suburbs of Brisbane, the Central Business District and beyond. Council is delivering the Wynnum road upgrade in stages.
Important articles on this topic:
Lord Mayor’s 7 Principles to Guide Brisbane City Development
