Wondering what will happen to the property market in Brisbane in 2022?
Brisbane showed astonishing growth in 2021, with 30+% house price growth in many locations. This made the city the strongest property market of that year.
This strong performance is likely to continue throughout 2022 despite the growth in other parts of Australia slowing down.
But to really assess how it will fare this year, let’s take a look at the major events in Brisbane that will move the needle for its property market scene.
With all these events taken into account, everyone is curious to know how all this will play into the projected performance of
Brisbane’s property market for 2022. Here’s what we predict:
With the 2032 Brisbane Olympics bringing in more commercial activities for the city, the property sector will be a major beneficiary. In fact, the median house price across Greater Brisbane is expected to rise past $1.2 million within a decade, which is 40 per cent above the 10-year average.
However, compared to past Olympic games, the 2032 Olympics requires a significantly smaller investment to host.
The traditional 7 years from announcement to end date has also been extended to 11 years, spreading out the investment over a longer time frame which could dilute investment.
Whether or not Brisbane is going to outperform any of the other cities in Australia due to the Olympics remains to be seen.
Looking at the previous major floods in 2011, there was a drop in the short term to properties that were heavily affected. However, there were no long-term impact to Brisbane property in flood-prone areas.
Historical data suggests that the area will bounce back quickly in the short to medium term.
If you are considering buying in a flood zone, check out the flood maps in Brisbane and get an insurance.
COVID- is far from over. In fact, low-income earners as well as some high-rise apartment towers in and near the Brisbane CBD are adversely affected by the pandemic.
But looking back in history, residential property in Brisbane has performed relatively well at times of negative economic shocks.
Potential for a rising property market in Brisbane is also supported by a recent analysis by BIS Oxford Economics who claims that Brisbane property prices could surge as much as 20% over the next 3 years.
The property market in Brisbane is set for a strong start in 2022 thanks to a few major projects like Queens Wharf (a.k.a. the new casino), Howard Smith Wharves and very strong housing affordability compared to Sydney and Melbourne.
Overall, 2022 is looking like the year Brisbane will really shine.
Ready to take the next step toward buying? We’re happy to help. Schedule a call today on 07 3007 9088 with a Home Loan Expert from Pivotal Financial.