The Brisbane property market has lost none of its buoyancy in the face of grave predictions of a post-lockdown slump. The latest quarterly market monitor from the Real Estate Institute of Queensland (REIQ) shows the median house price for the Brisbane local government area rose 1.5 % in the year to the end of March to $690,000, while unit prices rose 1.2 % to $420,000.
Within the Brisbane market, there are 12 suburbs faring even better by recording double-digit house-price growth over the same 12 month period. Here are some of the hottest spots in the Sunshine State’s capital:
- Fig Tree Pocket in the western suburbs performed a quantum leap with a 36 % increase.
- The inner-city suburb of Milton wasn’t far behind at 34.6 %.
- The inner-northern suburb of Windsor had a 24.5 % increase.
- Seven Hills in the leafy eastern suburbs boasted a 22 % increase.
- There was a 22% increase in the trendy riverside suburb of Bulimba.
- Murrarie, another riverside suburb, recorded price growth of 17 %.
- Enoggera in the north-west of the city saw a 16 % increase.
- Morningside, next door to Bulimba, recorded an increase of 15%.
The Brisbane property market has a history of bucking trends and flying in the face of pessimism. During the Global Financial Crisis of 2007/2008, home prices actually strengthened over the medium-term in many suburbs, with the economic stimulus and low-interest rates being the main drivers. Meanwhile, after recent natural disasters like floods or cyclones, prices have firmed even during periods when unemployment is high.
With things looking more positive than negative in the Brisbane housing market, this is no time for vendors to sit on their hands. And to be fair, many of them are not. Louvretec is reporting heightened interest in their louvre roofing systems. During the lockdown, online property search terms commonly included the words “outdoor areas”; it makes sense that a retractable louvre roof over a deck would be an addition that would arouse the interest of al fresco-focused home buyers.
Real estate agents tend to agree, saying well designed outdoor areas could seal the deal for home buyers looking to make the most of the sun by protecting in summer and enjoying in winter in beautiful Brisbane. Outdoor rooms give you more option and more room to comfortably relax, entertain or just take in the moment compared to uncovered decks or patios. Outdoor rooms provide that sought after indoor-outdoor flow and are frequent additions when Brisbane home owners renovate. The city’s enviable climate allows for outdoor living year-round, and an outdoor room rather than an exposed deck makes that living even more comfortable.
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