4 Things To Know About The Brisbane Property Market In 2022
At the end of 2021, Brisbane emerged as Australia’s fastest-growing property market. Many Brisbane homebuyers are keen to know: “what will the property market be like this year”? We don’t own a crystal ball unfortunately, but there are four key factors that will ultimately affect the housing market that you should know when considering getting a home loan in 2022.
Read on for 4 key things to know about the housing market in Brisbane in 2022.
1. A promising start to 2022 for the housing market in Brisbane
While growth in housing values in other Australian cities has slowed in the first months of 2022, Brisbane has bucked this trend. According to CoreLogic, Brisbane’s housing values grew by 6.6% in the three months to March, making it the strongest performing capital city for that period.
2. The median house price in Brisbane keeps growing
The median house price in Brisbane was $749,293 at the end of March—this is a big gain for homeowners in just a few months. At the end of 2021, Brisbane’s average house price was sitting at $662,199. If you’d like to see what mortgage repayments on a Brisbane home would look like, use our mortgage calculator now.
3. Recent floods and the housing market in Brisbane
The floods of February 2022 affected more than 15,000 homes across Brisbane. What impact will this have on Brisbane’s property market going forward?
Dialling back to 2011, the last time there was major flooding in the Queensland capital, gives us some insight. According to Domain, historical data from Brisbane’s flooded suburbs shows median house prices in some pockets fell in the year after the 2011 floods. However, a decade later, median house prices surged by over 100% in those same areas.
So, while there are good reasons to be cautious about buying properties in flood-prone Brisbane suburbs, the Queensland capital is a very resilient housing market.
4. Will the housing market crash in 2022 in Australia?
Many analysts are saying that the housing boom in Sydney and Melbourne is over. However, they are not making the same forecasts when it comes to property market predictions in Brisbane in 2022.
For certain, rising inflation and interest rate hikes will have an impact on Brisbane’s housing market overall. Yet, there are many markets within the sprawling capital, separated by property type, price point and geographic location.
If you are considering a property purchase in the coming months, chat to a professional mortgage broker about your borrowing capacity and interest rates that are available with lenders so you can put your best foot forward when house hunting.
Contact the mortgage professionals you can trust
If you’re thinking about buying a house in Brisbane, it’s important to speak to professionals who fully understand the local property scene. To get a home loan assessment based on your property goals and finances, reach out to the team at North Brisbane Home Loans today.