Hundreds of national postcodes continue to see house price growth month on month, but one region is emerging as the stand-out choice for property investors.
South East Qld finds itself perfectly positioned as the optimal investment market, largely thanks to housing affordability and its No1 status as the winner in attracting Australians that are keen to make the move to lifestyle locations.
Sydney property prices continued to soar in May, setting a new record high median house price benchmark at $1.3 million. And whilst this represents growth of more than $100,000 since the start of the year, investors should be reminded that the Sydney median house price hit $1.7 million in 2017. What potentially sets this boom apart from others is the speed of growth, with the first quarter of 2021 delivering the fastest quarterly growth in almost 30 years.
Even four lockdowns within 15 months haven’t stopped Melbourne’s median house prices rising. Whilst the speed and volume of growth has not been as impressive as Sydney, Melbourne has still been able to set a new record high median house price of $974,397 and is expected to hit $1 million this month.
Brisbane is expected to be the next capital city market to surge into double-digit growth, with a growth forecast of more than 10% in the next six months alone. Greater Brisbane is expected to perform stronger than the CBD, and houses are tipped to almost double the growth seen by the apartment market.
Brisbane, with a median house price of just $632,999, enjoys an incredibly affordable housing market that is less than half the price of Sydney. This is seeing Brisbane fast becoming recognised as the most likely city to shine over the coming years.
Affordability and liveability will continue to play a huge role in the post Covid-19 property market. Ideal living conditions are likely to be the biggest contributors towards future property price growth around the world and South East QLD is amongst the locations now formally recognised to be the envy of the world.
Brisbane has been included in the Top 10 Most Liveable Cities for 2021. This globally recognised award ranks 140 of the world’s largest and most recognised cities to uncover the most desired cities around the world to live. Cities recognised on this list are expected to see the fastest house price growth post Covid-19.
With Brisbane also expected to secure the Olympics in 2032, Australian property investors would be wise to place this sector of our national market on the top of their wish list.