Brisbane has experienced some of the greatest interstate migration in 20 years and its effect has resulted in tremendous growth within the Brisbane property market.
In the last two years Queensland has become home to a greater number of Australians. The Australian Financial review has noted from the most recent data available, an increase of 30,939 in interstate migration. These figures are from the year to June 2021. A vast majority of these people have come from New South Wales and Victoria, and were looking for better job opportunities and cheaper housing.
During this time, even now, new residents have looked to buy a house in Brisbane. Additionally, investors have made the most of the opportunities in the market to provide rental properties around Brisbane for tenants.
If you’re someone wanting to know where to buy a house in Brisbane, or make the most of real estate investing opportunities, we’ll be sharing the most attractive places to buy around Brisbane. These locations have been derived from from property expert, Terry Ryder’s, recent Hotspotting report and is based on infrastructure opportunities and developments.
Where to buy in Brisbane
Redcliffe peninsula region
Average market value as of February 2022: $550K - $700K
The Redcliffe Peninsula is part of the Moreton Bay Council. This location boasts a quieter lifestyle for residents. It’s also within commuting distance to the Brisbane CBD and the Sunshine Coast. Moreton Bay is the third largest local government area in Australia.
As for the population, the Moreton Bay region is home to more than 469,000 residents. This figure is expected to increase to 700,000 soon. The population in Redcliffe, specifically, is 59,000.
To keep up with demand in this location, there are various developments and projects set to benefit the community. These include:
· $2 billion in road updates
· $1.2 million Moreton Bay Rail Link which connects Kippa Ring to Petrie to the Brisbane Airport
· $590 million Newport project – a new residential community project
· The $140 million Westfield North Lakes redevelopment
Ipswich city
Average market value as of February 2022: sub $500K
Ipswich is an innovative community that’s fast becoming one of the country’s fastest growing regions. Greater Springfield (in Ipswich) contributes greatly to the economy across the health, education, and innovation sectors. To date, $18 billion has been invested into the Greater Springfield project.
The current population of Ipswich exceeds 168,000 people. In the next five years this figure is expected to increase by 3.1%. This comes as more people are interested to buy a house in Brisbane or occupy rental properties in Brisbane.
Notable infrastructure projects for Ipswich include:
· $5 billion investment in the defence contract
· A further $12 billion to be contributed towards the Springfield community
· $1.5 billion towards the Springfield rail link project
· $1 billion Citiswich project
· $2.8 billion motorway upgrade
Inner South (Annerley/ Woolloongabba)
Average market value as of February 2022: $900K +
Situated in the Brisbane City Council, the Inner South region (around Annerley and Woolloongabba), provides fantastic opportunities for real estate investors and home buyers in 2022. This location will host the 2032 Olympics. Vast projects are underway in preparation for this event. Last year, Brisbane CBD was named the 10th most liveable city in the world.
In comparison to other cities in Australia, Brisbane still offers relative affordability. The same applies for the Brisbane property market. The median dwelling value for the Greater Brisbane region is $642,097.
The population of the Greater Brisbane is currently around $2.5 million. This figure is set to increase to $2.9 million by 2035.
Other than infrastructure investments ahead of the 2032 Olympics, here are some other notable highlights that city has to offer within the Brisbane property market:
· $5.4 billion cross river rail project
· $5 billion Northshore precinct
· $1.3 billion airport runway expansion
· $1 billion Gabba re-development
· $4.5 billion to be produced from Olympics and 130,000 direct jobs from this event
Logan City
Average market value as of February 2022: $550 - $600K
Logan City boasts relative affordability within proximity to Brisbane. It also still has lower vacancy rates and decent rental yields. When highlighting a report from Terry Ryder, realestate.com have mentioned that Logan is within proximity to job nodes and commuting train links.
The population for Logan is almost 342,000 people. With projections extending to 2036, the population of Logan is set to outperform the performance of Brisbane and the Moreton Bay region. It will be second to Ipswich for population growth.
Key highlights in infrastructure and development for this region include:
· $1.5 billion Coomera connector
· $460 million Logan Hospital upgrade
· $11 billion Yarrabilba PDA
· $750 million M1 upgrade
· $1.5 billion Crestmead logistics
North-East Precinct (Boondall/ Northgate/ Nundah)
Average market value as of February 2022: $1million +
While the average real estate in this region is now above the $1 million mark, it’s a great location for real estate investors or home buyers to generate future capital growth. This region has been positively influenced by the growth from the booming Brisbane property market. A recent Canstar report has identified that this precinct and surrounding locations have experienced a 4-5% 10-year average growth rate.
For population figures, refer to the Inner South region. Though, for this region, there is an annual average growth potential of 5%.
Major projects and developments that are desirable for this precinct include:
· $5.4 billion Cross River Rail
· $5 billion Northshore precinct
· $1.3 billion Airport Runway Expansion
For more information
Check out this video for more information on the Brisbane investment market.
