Whenever the stellar performance of the Australian property market comes up in conversation, the bet is that the person speaking is going to talk about the Sydney and Melbourne markets. But as the market continues to evolve and more and more data comes in, it's clear there's another capital that deserves some attention: Brisbane. And that fact will be very good news for anyone with real estate in Narangba, Morayfield and surrounding areas.
According to recent research from CoreLogic RP Data, Brisbane was once more the capital that experienced the third greatest rise in dwelling values over the last year. Values grew by 3.9 per cent in the Queensland capital – far less than the tremendously booming Sydney and Melbourne markets, but a strong rate of growth that also has the advantage of being sustainable.
This growth, along with that of the other capitals, has helped push the value of residential property in Australia now to a whopping $6trillion, up from the $5.5trillion property was estimated to be worth last year by CoreLogic RP Data. This jump illustrates the stellar rate at which residential property is growing in value in current market conditions.
In what might interest anyone looking into property management in Deception Bay and other areas in the Moreton Bay region, it was detached houses that were growing in value faster than apartments.
"The higher growth rates for houses compared with units is likely to be supply-related, with the underlying land component driving detached housing values higher at a time when new apartment supply has seen a substantial boost from new construction," explained CoreLogic RP Data head of research Tim Lawless.
Therefore, despite rents growing slowly, purchasing the right property that will sell for a profit down the line could be a smart strategy. And with the Reserve Bank potentially taking interest rates even lower over the next year, doing so may continue to be an affordable enterprise.