Seeing Australia’s top capital cities, Sydney and Melbourne, continuing to slide, Brisbane looks to be fighting against the tides.
Brisbane has seen a number of years with minimal property growth, but it is for this reason that the Brisbane market is now showing exciting prospects with recent land valuation reports showing unprecedented growth not currently seen in the former lead performers of Sydney and Melbourne.
It is standard practice for state governments to undertake annual land valuations and the latest statistics released by the government show that Brisbane has reported in the last two years a growth between 5% – 15% across the majority of suburbs according to a Statewide evaluation in 2018 that encompassed around 1 million properties.
A number ofBrisbane inner suburbs reported growth of over 19% including Milton, Paddington, Woolloongabba, and Auchenflower. The reported growth brings some relief to Brisbane based investors who have previously missed out on the record growth that Sydney and Melbourne investors enjoyed over the past several years.
Although Brisbane has suffered an apartment oversupply which has seen prices fall in recent years housing in Brisbane is telling a different story with some suburbs seeing over 8% growth in the past year signalling a changing of the guard as far as the countries best performing areas.
With more negative than positive predicted for Sydney and Melbourne more and more investors seem to be looking to Brisbane to capitalise on the next potential City boom, with hopes to join Hobart in being the only city in Australia to record growth in the first few months of 2019.
Investors will continue to keep a keen eye on the city with a number of exciting prospects in the pipeline for the city.