The overall Brisbane housing market is poised for double-digit price growth this year. However, some market segments will likely remain silent due to the effects of the COVID-19 pandemic, an expert said.
Michael Yardney, director of Metropole Property Strategist, said one indicator indicating good prospects for the city is the resurgence of buyer interest. The city & # 39; s recent auction results reflect strong demand, with customs clearance rates still in the 70% range.
"This is unusual for Brisbane, given that this city isn't known for its auction culture like its southern cousins, but that's just another suggestion that there are more buyers than sellers and that always leads to higher real estate prices, ”he says.
Citing an ANZ report, Yardney said prices in Brisbane could rise 16% this year and 8% the following year.
Figures from CoreLogic show that house prices in Brisbane have risen 3.2% over the past year and have reached new highs since their low in June 2019.
“In the height of COVID-19, Brisbane's housing market defied the odds, shone and even came out relatively unscathed. At the end of 2020, the median price of real estate in Greater Brisbane reached a new record high of $ 616,387, which is $ 28,000 more than the previous record set in early 2020, "said Yardney
However, Yardney said Brisbane's markets are very fragmented, with some segments likely to remain silent over the next few months.
"The demand for apartments has declined and, in general, Queensland apartments are a riskier investment than houses, particularly due to a high supply of unsuitable apartments not to families or homeowners, ”he said.
Top suburbs:
revesby hts
,
Eagle vale
,
artarmon
,
Mortdale
,
rooted hill
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