Like many other places in the world, Australia’s housing market was affected by COVID-19. Brisbane, an already lively market, was, of course, impacted as well. At various times throughout the pandemic, the city found itself subject to strict lockdowns, which, naturally, had an effect on people’s ability to buy and sell houses.
If you’re thinking of purchasing a house, apartment, or other dwellings in Brisbane, you’ll want to know how the market is behaving currently. Are property prices falling? Are they rising, stable?
This article will take a look at how things are currently trending and what the future could hold. Read on for a Brisbane housing market update.
The Property Market Before COVID-19
In 2010, the median house price in Brisbane was around $460,000, making it one of the cheaper Australian capital cities in which to purchase a home. In 2019, before COVID-19 threw the world into a tailspin, the median house price was a little over $100,000 more expensive, at around $562,000. Property prices were steadily on the rise, as was the case in many Australian cities.
The Housing Market in the Midst of the Pandemic
Once the pandemic hit, there was obviously a lot of uncertainty as to how it might impact housing markets across Australia. Many experts predicted crashes in the larger cities, and Brisbane was no exception. Lockdowns and border closures were always going to make things difficult.
Indeed house prices did tumble in Brisbane at the beginning of the pandemic. In June, July, and August of 2020, property prices did decrease. Things eventually evened out, however, and prices began to rise once again by the end of 2020.
The beginning of 2021 saw house prices skyrocketing, in fact. They’ve remained high up until now.
Brisbane Housing Market Trends
So, what will 2022 and beyond have in store for the Brisbane housing market? Well, it looks like the growth trend we’ve seen in 2021 is set to continue. Many experts are predicting the market is set to hot up even further in the next two years, in fact.
There are a few reasons for this. First, the population of Brisbane continues to grow. This creates more demand for housing, which can drive the prices up further. As well as this, Brisbane is set to play host to the Olympics in 2032, so the city has a lot of works planned that may serve to drive property prices up even further.
Currently, the median house price in Brisbane stands at $678,000. Some sources suggest this may double over the next decade or so. So, at the moment, it’s safe to say that property prices are not falling in Brisbane.
Property Prices in Brisbane
Although the property prices in Brisbane remain relatively high, they’re still affordable in comparison to cities such as Sydney. If you’re looking to bag a Brisbane house, there are several suburbs where you may be able to find a bargain. For more property news, check out the rest of our property content now.
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