When discussing those things that “move our market”, expert property observers in Brisbane know when we thrive, it’s on the back of strong employment and high interstate migration.
These figures were the hallmark of our stellar market run in 2003, and while 2007 was also a good year, the numbers weren’t as illustrious – and this is, in part, why the gains weren’t sustainable.
The Brisbane market historically lags behind the Sydney and Melbourne markets. The affordability drive has its part to play here, because a large number of southern state residents find their higher priced capitals are becoming hard work. Then a few pioneering souls realise if they sell their Surry Hills renovatable terrace for a very princely sum, they can move to our sunshine city and purchase a magnificent suburban abode within a short commute of the CBD – and still have plenty of change leftover for a very shiny car, boat, trip or local investment property.
There’s a bit of a chicken-or-egg with this movement. Some say employers drive the move first. This was mostly true during the mining boom where we felt the benefits – particularly if there were FIFO residents and/or the headquarters of mining companies set up in our town.
Click here to view the August 2016 edition. Skip to page 38 to read more about Brisbane's current property market.