With the property market in the River City looking good in comparison to other Australian capitals, where to buy in Brisbane if you’re house hunting next year?
From fires to floods to fevers, 2020 has certainly been one surprise after another for many Queenslanders – including those looking to buy or sell a home during this period. Housing growth has notably slowed down in the big hubs of Sydney and Melbourne thanks to both the global pandemic, overall affordability, tighter lending standards and weak wage growth. The good news? While things simmer down south, Brisbane looks to be picking up the slack.
How The Brisbane Property Market Is Handling Covid-19
It’s understandable that many homeowners (and buyers) have proceeded with caution in regards to the Queensland property market this year. However, record population growth continues to fuel demand for housing, with Brisbane leading the pack.
While it varies from suburb to suburb – and between units and houses – the forecast shows that it’s actually Brisbane that will see the strongest national growth within the next three years, jumping 13% to a median property price of $620, 000. Queensland has now become the top destination for internal migration within Australia, taking over from Victoria. Overseas migrants are also starting to see Brisbane as the place to be, bringing 12,847 residents into the city. With over 300 days of sunshine per year, where else would you rather be?
The best performing Brisban suburbs in the last twelve months have been relatively close to the CBD. Indooroopilly has been a star performer, where the median house price increased by 24.1 percent to $1.01 million. Also on the list is Paddington, where the median house price rose 19.8 percent to $1,269, 500. However if you’re searching where to buy in Brisbane and this is slightly over your budget, where else is predicted to see strong growth?
Where To Buy In Brisbane For Strong Market Growth
This time five years ago, buyers might have turned their noses up at these suburbs. However, as we all know 2020 is a whole new ball game, and when paired with cheap prices, a lack of supply and a confident market – the time is right for investors to move outside of the inner city ring.
If you’re on the hunt for a new property in 2021, then insights from this year would be a good place to start educating yourself. According to RealEstate.com, Brisbane’s “Top 10 Suburbs To Buy Property In 2020” include the following –
- Bridgeman Downs
- Carina Heights
- Everton Park
- Ferny Grove
- Stafford Heights
With all of the above special mentions conveniently located less than 15km from the CBD, the Brisbane property market is holding particularly strong for traditional three bedroom style properties that include land. With lifestyle and rapidly expanding infrastructure also big factors to consider, buyers are not afraid to head out into the suburbs to explore new growth opportunities for the not so distant future.
Have You Got A Mortgage Pre-Approval Yet?
Before you head out house hunting, one of the best secret weapons that any buyer can have is a home loan pre-approval. Not only do you know your spending limits, but the stress and time that traditionally goes into organising one is already taken care of – and did we mention bargaining power?
If you’re on the hunt for a highly recommended mortgage broker in South East Queensland, or even some friendly and honest advice on where to buy in Brisbane, then it’s time that you met with George Samios and the team at Madd Loans.
Since their inception in 2012, the team at Madd have worked tirelessly in providing over 1700 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, George takes great pride in making the mortgage process both fun, educational and stress free – and he has a swag of awards to prove it.
An independent operator can be your greatest asset when it comes to navigating loan options, as brokers are there to make you happy – not the banks. To speak to a Brisbane based mortgage professional, please get in touch with the team at Madd Loans today to help turn your financial dreams into reality.