Brisbane is set to become one of Australia & # 39; s top performing real estate markets over the next three years, according to an expert from Metropole Property Strategists.
Michael Yardney, director of Metropole, said Brisbane has remained resilient over the past year in the face of the negative impacts of the COVID-19 pandemic on housing markets.
"The increased demand for homes in Brisbane has been supported by growing consumer sentiment, historically low interest rates, and internal migration given the relative affordability of homes in Queensland compared to in Sydney and Melbourne, ”he said.
According to the latest CoreLogic report, Brisbane home values ??rose 4% per year in January, reaching a median of $ 527,826.
A separate report from Westpac showed prices in Brisbane are expected to increase 20% between 2022 and 2023.
"Brisbane will likely be one of the best performing real estate markets over the next few years," said Yardney.
Yardney said three factors will continue to provide positive growth engines for the Brisbane real estate market. The first is the removal of overly restrictive lending rules.
"This will make more people easier to access credit, allowing them to borrow more and enter the market," he said.
The rapid recovery in the economy from the pandemic disruption will also be a game-changer, Yardney said.
In addition, the likelihood that rates will stay low over the next several years will continue to boost buyer activity.
"The RBA has pledged not to raise rates for at least three years, saying it will do everything it can to support jobs, businesses and boost our economic recovery," said he declared.
Top suburbs:
st kilda west
,
Westmead
,
upper kedar
,
sunshine
,
West Rockhampton
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