Homes in Australia’s sunshine state offer an affordable alternative to buying in Sydney and Melbourne. However, there is some confusion about Brisbane house prices and where they are heading.
A quick google search of “Brisbane’s house prices” shows us how much uncertainty there is. These two articles below are the top two results that we see. How did Brisbane go from a five-year low at the end of April and then hit a record high just 6 weeks later?
If the experts don’t know whats happening, then how can potential buyers and investors feel confident in their choice?
So, who was right?
Both! (kind of)…
Five year low? Brisbane’s median house price was 3% lower in the first quarter of this year. This is the lowest median price it has been for some time and growth dropped significantly after the new year.
Record High? Growth in quarter 2 of this year is back to positive. A modest growth of 0.5% is nothing to boast about, however, it is when compared to the decline in median house prices in Melbourne (-2.1%) and Sydney (-2.5%).
Recent signs are looking up but we are still reluctant to bet it all on Brisvegas.
If you had bought at the start of this calendar year, you could have made a modest increase (~0.5%) in just a few months. Whereas your Australian counterparts in other other cities would not be as fortunate.
On the other hand, if you had bought a house a year ago in Brisbane, your property could be on average almost 2% lower than your purchase price. When you consider the cost of interest on your mortgage, this definitely wouldn’t be the star of your portfolio.
However, it’s always best to take a long term view of the property market.
Our price prediction algorithm is always there to provide accurate and unbiased predictions of Brisbane house prices and homes in the area.