A new research reveals that – Brisbane property market is leading the country for the first time in a decade. It is found that Brisbane is the only city to record an increase in dwelling values, where the rest cities are lagging behind including the capital cities like Sydney, Melbourne.
Brisbane median dwelling value increased by 1.2 percent. As people have found the Brisbane as easily affordable and livable capital city among all the capital cities in Australia.
The only capital city Adelaide where some growth was recorded that is 0.1 percent of growth was found. Whereas other capital cities are facing the severe downturn. The Fall in housing price of Sydney was recorded 5.6 percent, 1.1 percent in Melbourne and 2.9 percent in the other five capital cities of the country.
Thus the Brisbane property market growth was recorded as moderate where the rest capital cities were found slow. Though the rate growth is slower in Brisbane when it comes to comparing the Brisbane property market growth with others capital cities of Australia then it is found that Brisbane is doing quite well and is holding up better.
The increase in migration numbers, improved local economy and affordability are accelerating the Brisbane property market.
Some think that Brisbane could do a lot much better but the local economy was letting the city down. The lack of tourist attraction in Brisbane is also the reason behind the slow growth.
People are finding that Brisbane suburbs are affordable, nice and growing areas. Whereas they know to have a house near other capital cities suburbs like Sydney and Melbourne than they have to pay millions of dollars to get a home near Sydney and Melbourne.
Property valuers think – Brisbane has great potential to offer a good deal in the property market as it was long-running underachieving property market since 2007 that has tremendous of capability but lacking boldness and clear direction keeping it behind. But as per the current market growth, the situation is changing now.
In the past year, the Brisbane property unit values in the riverside suburb of Tennyson have increased 45 percent, while Hamilton houses have been recorded 27 percent in 12 months which is considered the best performance. Property experts are finding the inner cities and parts of Logan are doing well. The inner city areas are appealing to the Sydney and Melbourne buyers and the first home buyers are finding the Logan city as affordable for them.
The State government’s infrastructure plan planning to redevelop Brisbane infrastructure which aims to support up to 38,000 jobs and investment of $11.6 billion in 2018-19. Brisbane Metro project which is now fully funded with $944 million investment.
The government is focusing on other major projects include Brisbane Airport’s second runway, Queen’s Wharf and the Howard Smith Wharves redevelopment.
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