Brisbane was experiencing growth as part of the housing market recovery occurring throughout Australia; however, the impact of COVID-19 may change this in the short term.
The CoreLogic Housing Value Index indicated that Brisbane was one of the four capitals where housing values ??reached new heights, with prices rising 2% in the three month ending in January.
The open houses certainly saw a lot of traffic, creating welcome business for the agents of Brisbane.
"From the first Saturday in January, we saw a record number of people in open houses, likely fueled by low interest rates, the limited volume of properties available for sale and the increasing confidence of the market, "says Melinda Jennison, managing director of Streamline Property Buyers.
"In the future, interest rates are expected to decline further in 2020, which, with continued strong population growth in southeast Queensland, is expected to continue to support demand for accommodation in Brisbane. "
Implementation of the first housing loan deposit system is expected to re-launch competition for properties priced at $ 475,000, and lower supply could also increase demand. given the city's growing population.
"According to January 2020 quarterly ABS data, approvals, starts and completions of housing all collapse in Queensland as a whole, despite growing population growth," reports Jennison. .
"The total number of housing starts has decreased by 27% compared to the previous year. In addition, registration volumes remain 6% lower in Brisbane compared to the same period last year, which also limits the supply available in the current market. ยป
ABS statistics for June 2019 also indicated that net gains from interstate migration were highest in Queensland, with 22,800 people.
Meanwhile, solid performance in the rental market continues to benefit investors. Rental yields remain reasonably high, at an average of 4.5%, and rental rates have also increased over the year until February 2020.
According to the December 2019 report on vacancy rates published by the Real Estate Institute of Queensland, the average vacancy rate in the state tightened slightly by 0, 1% to 2.1% in the December quarter. More than half of Queensland's rental market is considered "tight", with the Whitsundays, Caloundra Coast and Livingstone regions recording the lowest vacancy rate in the state, at 0.4 %.
SUBURB TO WATCH
WEST END: High yields in the suburbs of Townsville
Located at the foot of Castle Hill, the Far North Queensland suburb of West End benefits from a very strong rental market. With more than half of the suburban population made up of tenants, the owners derive significant rental income (5.2% on average for houses and 6.0% for dwellings) from the announced weekly rents of $ 350 and 250 $, respectively.
Rental rates soared during the year until December 2019 – 9.4% for homes and 13.6% for units.
Buyers will also have no trouble entering the market, as the affordable median price for both types of properties remains below the $ 300,000 mark.
Population: Residents of the West End are mainly tenants, offering owners a constant flow of potential tenants
Affordability: Local properties are cheap, with a majority in the range of $ 200,000
Main suburbs:
mt colah
,
Narara
,
alderley
,
Coburg North
,
werribee
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