A typical house in Brisbane is $207,000 more expensive than it was at the start of January 2021. The housing market in Brisbane has seen the highest growth as compared to all other capital cities in Australia in the last year. Its housing market outperformed all the other capital cities in the last 12 months and is expected to outperform for the next 12 months.
The COVID pandemic has restricted the movement of people across Australia and slowed down all the economic sectors. Despite these impediments, the housing market in Brisbane has seen dramatic growth and is continuously increasing. The average cost of a Brisbane dwelling rose by 8 per cent in 2021 against the backdrop of a rise in interstate migration, which stood at 27.4%. The Brisbane property market has seen the fastest growth throughout 2021, and the pace of the dwellings has remained at 2.9 per cent during the last two months of the year 2021.
The price of a house in Brisbane has seen a staggering increase of 30.4% in the last year, which is huge and very rare. The average price of a house in Brisbane is $783,000 and has remained the same throughout the year. It has only seen a decline in the months of April and September and the fall was about 1.4%. This shows a clear opportunity for Brisbane property investment.
According to Corelogic, the price of a unit in Brisbane has seen a gain of $60,000 during 2021. In the same way, the median house price was approximately $207,000 more than it was at the beginning of the year 2021. This huge boom in the Brisbane property market has given sellers a yield of 5.1% and 4.1%, respectively. This was the highest growth in the last 28 years. The investors have seen the highest return on investment during this year.
The most expensive areas in Brisbane are on North Stradbroke Island, where prices have risen 44.2% to a median of $692,9111. This is unprecedented. Thornlands, which is also a Redland City Council district, grew by 34.5% last year.
The same growth pattern has been seen in Teneriffe and New Farm, where the price of an average-sized home has crossed $2 million. The data shows the same trend for Ascot and Hamilton. These indicators clearly show that the Brisbane property market will continue to experience a boom in the coming year.
This is the right time to invest in the Brisbane property market. If you are interested in investing in Brisbane property and are looking for a service provider to guide you regarding Brisbane property investment, then Brisbane Invest is your go-to place. It is an established property investment company that is passionate about providing education and value to those looking to build future financial security through property investment in Brisbane.