Brisbane housing prices grew almost three times as much as expected this past year, with prices set to rise further amid fresh predictions it will outperform all other Australian capitals in 2022.
Christopher’s Housing Boom & Bust Report, found Brisbane surpassed expectations of a dwelling price rise between 4 to 8 percent in 2021, to instead notch a massive 22 per cent jump off rampaging demand.
Report author Louise Christopher of SQM Research said Brisbane’s Inner city market was the primary hotspot, with prices rising by over 28 per cent for the year.
Rents across the QLD capital also jumped during the period, rising 9 per cent.
While the imminent rate hikes and further APRA intervention could rapidly slow price growth in Sydney and Melbourne, the Brisbane market is likely to defy the downturn, Mr Christopher said.
Even with APRA moving in early, dwelling prices could still rise by up to 14 per cent. “Brisbane is going to outperform next year as a result of continued strong interstate migration flows mostly coming from Victoria, into south-east Queensland,” Mr Christopher said.
“Our leading indicators suggest that at this point in time, there’s no real slowdown occurring in the market, so it will be entering 2022 with a lot of momentum.
“Property prices are offering relative value compared to Sydney and Melbourne, which will encourage more people to move to south-east Queensland.”
The next decade will be a golden one for Brisbane, with multiple drivers of positive energy around the Olympics and QLD’s limited exposure to Covid-19 lockdowns, with a surge in interstate migration and buyers.