4 Top Facts As To Why Brisbane Is Avoiding The Property Slump

After a nation-wide property boom over the past few years, we are hearing more and more in the media about a property slump hitting, but does that include the Sunshine State? We take a look at the facts of why Brisbane is avoiding the property slump.

FACT 1 – Population Growth

  • Brisbane is currently the fastest growing city in Australia increasing by 48,000 to 2.4 million people over the past year.
  • Queensland’s populations growth remains above average for the nation and reached 5 million in May 2018.
  • Fertility rates, interstate migration and overseas migration are driving this growth.
  • There has been a strong increase in interstate migration from New South Wales due to more appealing lifestyle and property affordability.

FACT 2 – Foreign Buyers

  • Foreign property investment fell across all States except for Queensland who experienced a four year high of 22.8% in the past quarter.
  • Some are suggesting a correlation to this growth and an increase in Chinese student enrolments across Queensland.

FACT 3 – Economic Growth

  • The recent Queensland budget saw confirmation of a $45.8 billion capital programme over the next 4 years.
  • Not since the floods of 2011 has Queensland seen an infrastructure spend this large. This will support thousands of Queensland jobs keeping unemployment levels low.
  • Projects such as the Queen’s Wharf development, Eagle Street Pier redevelopment and Brisbane Live projects will help Queensland’s economic growth.

FACT 4 – Projected Property Pricing

  • Unlike its Southern counterparts who are anticipating a 10% property pricing slump, Queensland is projected to lead the nation’s capital growth over the next few years.
  • The BIS Oxford Economics Residential Property Prospects 20058-2021 Report predicts a 13% growth in Brisbane housing over the next 3 years – the strongest across the nation.
  • With Brisbane’s current median house price being $550,000 this is expected to grow to $620,000 in 2021 despite the apartment over supply dragging the wider Brisbane housing market down.

In summary, steady population growths combined with a good economic environment driving job creation and low unemployment rates are showing positive signs across Queensland to avoid the property slump which is predicted in other States and Territories.

4 Facts Why Brisbane's Avoiding Property Slump

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SOURCE: www.population.net , www.realestate.com.au , www.abc.net.au , budget.qlf.gov.au, propertyupdate.com.au, www.domain.com.au, www.smh.com.au