The Brisbane property market has recorded phenomenal price growth with a 5.4% increase in the March quarter and a 33.8% increase since March 2021.
The average price for a property in Brisbane is now $890,000, compared to Sydney sitting at $1.5 million and Melbourne at $998,000.
Tracey Kearey (pictured), managing director of Mortgage Advice Bureau Brisbane, said despite property prices jumping a third of their total value in 12 months, the capital city was still attractive in terms of prices nationally.
“Brisbane provides an attractive proposition for lifestyle and bang for your buck,” Kearey said. “We are seeing record amounts of infrastructure including the arrival of the 2032 Olympics, so there needs to be more supply to match demand.”
“We have a very liveable city, so why shouldn’t our property prices increase?”
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Kearey said Brisbane was recovering from the recent floods much faster than the 2011 event because the market was different now.
“In 2011 we had the GFC the year before, so lenders were more reluctant to lend. Fast forward to now and we have a massive increase in property values due to supply and demand, Kearey said.
“Different areas will recover quicker and the areas that were not as affected will receive faster growth as a result.”
Despite the flood disaster, Kearey said she had not seen any drop-off in her business, with customer volumes increasing month on month.
“Lots of people consider the lifestyle Brisbane has on offer,” Kearey explained. “People’s priorities and plans have changed over the last two years, so the potential for people to move here, buy for less and have limited or no debt to live the life they want to is very appealing.”
Kearey said there were a number of factors why the Reserve Bank did not increase the official cash rate this month.
“The looming federal election can determine if people want to buy now or later depending on the outcome, along with April being peppered with public holidays,” Kearey said.
“Here in Queensland this month we have two weeks of school holidays, the Easter long weekend, ANZAC Day, May Day, then the federal election at the tail end – these all would have been factors the RBA would have considered when they met earlier this week.”
According to the MFAA, 66.5% of all new residential home loans were written by brokers.
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Kearey said this statistic provided consumers with trust for brokers.
“Consumers understand that we are educated and sit within a professional industry,” Kearey said. “When people come to us when buying property, they want to partner with someone who knows what they need.”
Kearey said brokers need to structure the right loan and implement the correct strategy for a client to provide choice and policy.
“We offer a good service from an abundance of different companies,” Kearey added. “We aren’t just your nine to five. The government is seeing the benefit of our industry to tailor deals to work for clients.”
