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Brisbane property market forecast 2024

Brisbane property market forecast 2024 Will the property market crash in 2024 Brisbane property Market is So robust you go back for little ten years when there was not a lot happening in Brisbane. But I think the big answer Nathan is really what’s happening around town and you only have to look at your back window there. There are some buildings going up and things.

It’s really infrastructure. It’s the jobs creation and it’s actually a lot of people moving to Brisbane. So I think you know we had around seven thousand people around the average for the quarter and that’s huge. I mean Melbourne and Sydney were probably struggling a little bit because there were all moving up here.

The borders were closed and I think we’re insulated a little bit from the whole Code thing with lockdowns and things as well which was having more people come up here as well creating more demand for property and more market depth in the great locations.

And as we can kind of see there’s been a bit of a lack of supply and well the markets are cool. Probably in the last six months, the properties market certainly hasn’t dropped.

It quite stays quite you know robust as you can’t explain what’s gonna be happening with property values to no In his townhouse his houses what does it look like?

Obviously the houses are kind of coming back a little bit that the market. There’s definitely starting to soften 10 houses and apartments are still relatively strong Nathan. The reason I would argue is that you know its prices get larger. People have to probably move further and further out and they’re not wanting to do that. It’s gonna be a tipping point where it’s some stage.

They don’t want to keep moving further out. So rather than moving further out there sacrificing the size of the house and moving into a townhouse on an apartment. So once the housing market kind of called off it was the townhouse mark that actually picked up and started moving quite strongly.

And then once those values kind of got out of reach for the average person and they didn’t want to keep moving further out they’re coming into the apartment market and that’s actually been quite strong in the last six months.

Our apartment market hasn’t done a lot for the last decade but it’s certainly starting to change as the affordability issue start to bite and people still want to get in those nice lifestyle present and high-demand location when you’re looking out.

It quite stays quite you know robust as you can’t explain what’s gonna be happening with property values to no In his townhouse his houses what does it look like?

Obviously, the houses are kind of coming back a little bit that the market. There’s definitely starting to soften 10 houses and apartments are still relatively strong Nathan. The reason I would argue is that you know its prices get larger.

People have to probably move further and further out and they’re not wanting to do that. It’s gonna be a tipping point where it’s some stage. They don’t want to keep moving further out So rather than moving further out there sacrificing the size of the house and moving into a townhouse on an apartment.

So once the housing market kind of called off it was the townhouse mark that actually picked up and started moving quite strongly. And then once those values kind of got out of reach for the average person and they didn’t want to keep moving further out they’re coming into the apartment market and that’s actually been quite strong in the last six months.

Our apartment market hasn’t done a lot for the last decade but it’s certainly starting to change as the affordability issue start to bite and people still want to get in those nice lifestyle present and high-demand location when you’re looking out.

The Brisbane housing market forecast for any 23?

What is this sort of look like and what are you guys for see happening?

Louis Christopher, he’s published a number of articles recently I guess it’s real and a couple of things aren’t nice and we’ve got inflation at quite substantial highs. We’ve got interest rates as well. Employment is said at a really low level which is really positive.

So there’s a number of dynamics you’ve got to consider their people put together a number of cases. Probably the most likely is where we saw interest rate yesterday. We’re probably likely to see another interest rate early in the new year if that happens inflation starts to get under control it’ll just return to a normal market. I don’t see there being much growth they have to anticipate it between about one to five percent which is really just a normal market.

The second opportunity and what can quite happen quite often with the RBAs is they overshoot the runway bit. So if they do raise another interest rate inflation does drop and fall back a little bit then they may drop interest rates. And if that happens they’re suggesting.

There could be you know three to seven percent growth and that could lead to a bit more growth in the Brisbane market. And then there’s the direr I guess scenarios, where inflation doesn’t get under control employment, starts to become a problem.

And that’s when they start to get into negative territory with drops and things like that as well. But it’s interesting Nathan probably three months ago. To me, he would have jumped all over that and said property prices are gonna drop 10 or 15% but now they’re actually being quite positive.

And there’s a bit of a positive spin on the market at the moment which is which is quite good for media for change what are some of the drivers that help the Brisbane property market grow?

For me, it gets back to job growth. There are more jobs being created more till you want jobs in the market at the moment. Particularly we have to look around the Queens Wharf project Brisbane Metro the cross river. The rail system is the number of bridges being built and the airports expanding. So all those kinds of big jobs are really bringing people from into the state and overseas as well.

And you’re thinking about enough a lot of people a lot of young people who maybe have just finished university. Very very well educated from the country or the city where we’re often moving to the big city of Sydney or Melbourne to take up that kind of job.

But now they’ve been created here. The kind of staying put as well. So it’s creating a bit of a captain. It’s probably a lot of demand I guess.

The other thing discusses affordability and there’s a bit of a joke probably about 12 months ago that you could probably buy two properties in Brisbane compared to one in Sydney. So that’s probably down to one and a half.

Now given the latest amount of growth but affordability is definitely a driver for people who are in the outer suburbs of Sydney Melbourne and have the ability to move to a fantastic city with great weather I’m sure you will agree. It’s the best place to live in the world.

They can live more of a better life if they’re not on the outskirts. I don’t have to travel out of work each day and that’s a real draw card for a lot of people.

And why I guess a lot of that was brought forward in covet wasn’t. We saw a lot of that during coven and the affordability piece makes a great spot for homeowners first homeowners especially.

But what about investors is Brisbane property market?

Got a good yield because I invested through Chase shield obviously compared to Sydney Melbourne a hundred percent you know we’re seeing stronger years in this kind of market particularly for houses in blue chip locations that were probably looking around the high twos to low threes for a house and a really really good location which is quite good. The other thing to consider and it’s probably hitting the headlines a lot more at the moment.

Nathan is the fact that we’re in rental prices?

We win a rental price. I guess that the upside of it’s not a good thing to brag about but the upside for investors is that although interest rates are going to rise rentals are.

Also going to rise in the future at some stage and that’s going to help buffer and I’m definitely Crispin does have that superior yield play. Right over a synonym. That’s for sure. Do you think the market you talked about there are three or four different scenarios Lewis? Christopher looked out.

Do you think the market will crash in 2023 for brisbane australia

I definitely don’t think crash I don’t think it will I think to look even if the worst did play out you’ve got to understand the bigger picture in terms of you know people still have a job. They can still pay their mortgage. I think there’s this statistic released by one of the banks recently.

The same most borrowers are probably two or three years ahead on their home loans as well because they kept paying at a higher interest rate.

So the only time you’ll have a problem with that you know is with the crashes when people don’t have a job they’re forced to sell their properties and it’s not boys. They have the market just really drop and that’s what’s probably gonna start to happen.

To some of the regional areas the outer areas and locations where you know they don’t have the home buyers and people in good secure jobs and things like that as well.

So although we’re seeing definitely seeing fewer people in the market at the moment or fewer buyers there’s also substantially less stock and you’ll note that there’s not a lot of distressed sales at the moment and that’ll probably start to change. Is interest rates rise and things like that as well but I just can’t see that the overwhelming big picture fundamentals are crystal really really strong.

When do you think they’re the right time to buy will be correct

Yeah look I mean I always believe the right time to buy is when a person’s ready to buy. You know if they’re thinking longer term they’re not thinking two or three if they’re thinking 10 15 20 years whether you’re buying now or any year from now it’s not gonna make a big difference. But in terms of ready-to-buy look, I think we’re definitely buying a lot better than we were six or 12 months ago.

Brisbane property market forecast 2024
Brisbane property market forecast 2024

 

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Nice and the emotions went out of the market Do you know?

We’d pay a fair price and someone to come over the top and pay 40 or 50,000 dollars more just to get that property. And we’re not saying that. So prices haven’t really dropped at the emotions gone out of the market. And again it’s gonna depend on what happens next.

If interest rates do stay where they are if we get inflation under control then maybe a drop if it does return to a normal market then I guess they’ll be a lot more competition. So I think we’re buying better than we were six or 12 months ago and we’re probably gonna be buying better in the next six months and we probably will in the next 12 months.

When the market does kind of recover and get back to a bit of normality. What are some reasons to invest in the property market in Brisbane looking at the demographics to lay out the infrastructure the economy the population growth?

What do you think are some of the catalysts that make it makes sense for an investor even an owner-occupied?

Yeah well firstly you’ve got to understand the prison market intimately and certainly, you know with geography it doesn’t have the urban sprawl of a Sydney or Melbourne and a lot of Sydney and Melbourne investors have been called out and buying in you know 30 40 kilometers from Brisbane.

That’s probably not Brisbane to start with and secondly, you know you can probably get away with that in Sydney in Melbourne because it’s much more of an urban sprawl but we’ve got to get a lot closer so we only really focus on that 10 to 15 kilometer. The maximum you know. In its middle ring suburbs. They’re the kind of locations you want to buy into the more affluent locations.

I think the good news is that there’s a bit of a question mark about what happens next with all this infrastructure all these projects happening in and around the CBD.

What happens next What’s happens Once all these projects that complete well as you know now that that’s actually been answered because we’re getting the Olympic games in another 10 years.

So I feel there’ll be another round of infrastructure building and planning and more jobs being created that are affordability. The jobs are going to start driving more people to Brisbane. I think Melbourne and Sydney are probably more old-world cities. They’re capital cities. I think Brisbane is going to become a bit more of a new world and you modern city.

And Brisbane historically when I write 15 or 20 years ago is a bit of a country town. And probably still has that label a bit but you only have to look around now it’s really starting to evolve and change. There are more modern contemporary residences coming in on board.

These bigger overseas companies coming in we’ve had a version come in Boeing come in. And I start us I’ll start to think that’s probably a lot more of that, as well as Brisbane, starts to evolve. So I see a huge opportunity in the next 10 years. That’s for sure.

What are some promising areas in Brisbane if we looked at an entry-level suburb versus the mid-range suburb or suburbia considered bulletproof within that five-kilometer ring?

What are they sort of look like for investors and owner occupies out there?

Yeah so if we started in that 10 or 12 kilometers where well I think there’s a really good value at the moment. I think there’s a cup of rules. You have to look for it. You have to look at a really good school catchment.

I think something that we haven’t been very likely with tunnels and things like that as well in person is we haven’t had the problems that Sydney or Melbourne have had but that’s going to change moving forward. So infrastructure and train lines are going to be important.

So we look at areas like comparing ours on the north side which is got a good train line on the south side. Potentially here is like a Mansfield and Wishart. Good school catchments Chirnside Western another good one.

Sides are probably a little bit busy it’s become a bit of a mini CBD so it’s probably gonna be a bit too busy. But just to the left you’ve got quite pockets tree line streets and they’re kind of things we like as we start to come into that kind of you know five-kilometer ring the Canon Hills the Kedrons that next suburb out to Wong is just starting to evolve a little bit as well They’ve got great public transport.

There are good tomatoes for school catchments. And there’s not much supply there. So you can’t just knock over and build another hundred houses or find another parcel of land.

So that’s gonna keep it a little on things but the demands still gonna be quite strong and then we get into the kind of bulletproof areas.

You know the new farm’s tenure riflescopes ash grows and I guess my tip for probably the next 10 years I know there are a lot of people tipping wool and gathering at the moment nothing but I think there’s gonna be a lot of physical growth there rather than capital growth.

It’s a very very busy location. It’s gonna host a lot of the Olympics and there’s gonna be a lot of infrastructure. A lot of new projects I’d actually prefer to go once up about to Dutton Park. It’s not very far away but you still gonna get all those benefits. It’s gonna be a lot quieter.

And if you’ve followed the headlines there’s obviously a new school catchment out there which is supposed to take some pressure off Brisbane state high which is an amazing catchment. And people fall over themselves to get into that suburb The only issue with that park.

It’s such a small suburb tight to get in but I think if you can get into those types of locations you’re really gonna benefit the next decade and what are some key tips for buyers?

Looking to get in the market?

I know you’ve talked about interesting value properties. What are outperforming the averages?

What is that all look like? And what should people be looking out for?

We really buy brand new we never ever buy off the plan you generally pay premiums and things we want to buy something with a good strong land component. So you know Atlanta asset ratios important lands the part that goes up in value.

So there’s no point buying it apartment with 300 in the complex it’s got a very low land component but it’s alright to buy an apartment in a small booty complex of six or eight or something like that where there’s a good intrinsic land value.

There’s a bit of rarity in scarcity and things like that as well. And then getting back to the clear shade they sound Cliche and item but really good school. Catches are gonna become more important. Good infrastructure is more important.

I’ve got a few years in your native when I grew up. I think we only had one coffee shop around the corner. So you know if you haven’t got five coffee shops and 15 takeaway restaurants.

Now nobody wants to live there. Having that lifestyle the walkability but they’re really really important that people don’t want that delayed gratification anymore. They don’t want to drive and get a coffee.

They want to be able to walk. So we talk about a 20-minute label where everything’s within about 800 meters to a kilometer and within walking distance.

So those kinds of things are going to be very very desirable for people moving forward and investors really need to take note of that moving further out into houses and land and areas that have a long way away from those types.

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