Australia’s fastest growing property market

Australia's property market is constantly changing, with new hotspots emerging all the time. So it may come as no surprise that not Sydney or Melbourne, but Brisbane has now been named the fastest-growing capital city property market in the country.

Brisbane's property market is on fire, with medians for both houses and units skyrocketing by 32.1% and 9.3%, respectively over the past year. This makes Brisbane the fastest-growing capital city property market in Australia and the moment. And there's no sign of the boom slowing down any time soon, with interest from local and interstate buyers remaining strong.

The surge is due to factors including the opening of international borders, eased social distancing rules, and high vaccination rates. Young families are particularly drawn to the city for its affordability, lifestyle, work-life balance, and expanding job market. And with the 2032 Olympic Games on the horizon, Brisbane is poised for even more population, infrastructure investment, and economic growth.

Haesley Cush, the principal of Ray White New Farm in Brisbane, said that the market boom in 2021 has continued into the first quarter of 2022, even though it has slowed down a bit. He said that they are still getting multiple bidders and that it is still an excellent market. Cush also noted that the market is now at 90% maximum capacity, compared to 100% earlier. This is good news for those looking to buy property in Brisbane, as there are still plenty of options available.

But when it comes to real estate, few markets in Australia can match the incredible price growth of Brisbane West. Brisbane West is one of the hottest housing markets in the country. Over the past year, house medians in this vibrant area have shot up an incredible 41.6%, reaching an all-time high of $1,161,500. This growth can be attributed to several key factors, including low supply and local and interstate migration into the area, with the best buyers coming from Sydney, Melbourne, and Singapore. According to local expert Alex Jordan of McGrath Paddington, many people are drawn to Brisbane West thanks to its thriving economy and vibrant cultural scene.

If you're thinking of entering the Brisbane property market, now is the time to do it. Prices are only going to continue to rise as demand continues to outstrip supply. But be quick – with such strong growth, properties are selling fast!

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