Brisbane continues slow, steady rise in value
For those in the know in the real estate industry, Brisbane has been looking good for a while now. While some other capital cities see their prices run away to near-unimaginable levels, Brisbane continues to take the slow-and-steady route, posting small, sustainable gains while boasting a relatively low median dwelling price.
The most recent figures out of the Australian Bureau of Statistics have done nothing to buck this trend, showing that Brisbane property is still growing at a healthy, sensible rate compared to other capitals. As the Housing Industry Association (HIA) noted in its analysis of the statistics, Brisbane's dwelling prices grew by 2.8 per cent over the year to June 2015 – the third fastest growth of the capital cities, but a sustainable figure nonetheless.
Anyone wishing to buy property in Burpengary, Narangba and other Moreton Bay areas will be interested to note that this is a far cry from the top two cities, Sydney and Melbourne. These capitals experienced growth of 18.9 per cent and 7.8 per cent over the same period, respectively, putting houses there further out of reach for many buyers.
"The variation in dwelling price growth across Australia's capital cities is remarkable," commented HIA senior economist Shane Garrett.
These conditions were very much mirrored by the vacant land market. CoreLogic RP Data figures show that while Sydney and Melbourne have seen prices spike over the last 12 months – by 16.6 per cent and 14.5 per cent respectively – Brisbane's has actually declined by 2.7 per cent.
While this might seem like bad news, this value has also grown by 2.4 per cent in the last ten years for the Queensland capital, showing that, in the long term, it's still on track. Not only that but the median size of the land has seen an increase in the past year. It looks like buyers of real estate in Morayfield, Deception Bay and surrounding neighbourhoods still have plenty to celebrate.