Brisbane real estate prices are expected to continue rising, defying the national trend.
While the national housing market overall has weakened with dipping prices, some capitals beat the trend. Brisbane achieves a gain in median dwelling price with an increase of 0.2 per cent in June and 1.1 per cent over the past year. The other capitals are Adelaide and Hobart, with 1.1 and 12.7 per cent in annual changes respectively.
The Residential Property Prospects 2018-2021 report predicts that Brisbane will continue this trend of modest growth for the next two years. The report’s co-author, Angie Zigomanis said this rise could be attributed to increasing internal migration into the state.
“A lot of people would like to move to Brisbane because it’s more affordable,” said Zigomanis. “And that is what will drive the next round of price growth in Brisbane, picking up at 6 or 7 per cent [growth] in 2020 and 2021.”
Last week, a 1,103sqm block of land at 33 Moray Street was sold for $11.3 million in a deal by Place Projects. The land was last purchased by the former owner over 30 years ago for just over $200,000.