Sydney and Melbourne may be starting to turn the corner after the recent downturn. However it’s Brisbane, Adelaide and Canberra that are predicted to outperform in the coming years.
Brisbane is set to be the real stand-out. BIS Oxford Economics predict, in their latest report, that Brisbane will see 20% growth from 2019-2022. This is about double its nearest rivals, with Adelaide and Canberra set to grow by 11% and 10%.
International demand for resources and increasing demand due to domestic migration will be the key drivers of growth in Brisbane. The city leads the country for domestic migration, due in part to greater affordability and higher rent returns. An average house in Brisbane is around $430,000 cheaper than in Sydney, and $260,000 than in Melbourne.
Significant infrastructure projects, such as Cross River Rail and Queen’s Wharf, will take off in the coming years. The job creation and increased local economic activity from them will add to the growing demand for property in the region.
By comparison, Sydney and Melbourne are expected to grow at a more moderate 6% and 7%.
No city is “one property market”. Different locations and property types will perform quite differently in the coming years.
As always, research and experience will be so important in finding and securing the right property opportunity, in the right location, for the right price.