Brisbane’s property market might not match the sky-high prices seen in Sydney and Melbourne, but as owners and investors flock to the sunshine state amid a sea-change shift effect, some of the city’s most affluent streets are being put on the map.
Brisbane has finished 2021 as Australia’s fastest-growing property market, with property prices continuing to rise full steam ahead at the same time Sydney and Melbourne property markets are slowing down.
The median price of a house sold at auction in Brisbane has also jumped 29.3% since the start of the year – the highest growth of any capital city – as the Queensland capital begins to embrace selling under the hammer.
Interstate migration and the sea and tree-change effect are particularly being felt in Noosa, where high sales volumes and the highest price gains in Queensland, with the region’s median price surpassing $900,000.
Back in the city, appetite for luxury real estate has also ramped up.
In March last year, 1 Leopard Street in Kangaroo Point sold for a huge $15 million.
The 6-bedroom clifftop mansion has 280-degree views of the city skyline, river, and Story bridge.
Given there are just 20 houses on the street and its close proximity to the CBD you can see why the price tag was so high.
Meanwhile, 22 Reading Street in Paddington is just 3km from the CBD and sold for $8 million in February.
The 5-bedroom property was last sold for $5.45 million in 2013.
Interestingly, the remainder of the most expensive streets in Brisbane are scattered around various suburbs throughout the city.
Here I’ve put together a list of the city’s most prestigious streets where Australia’s richest people live, according to data on the highest reported sales for 2021.
|Ranking||Street name||Suburb||Highest reported sale for 2021 (million)|
|1||Leopard Street||Kangaroo Point||$15|
|4||Main Beach Parade||Main Beach||$7.23|
|5||Wynnum Road||Norman Park||$7.15|
|7||Maxwell Street||New Farm||$5.2|
Brisbane property prices to remain strong in 2022
Brisbane was the strongest property market in 2021 exhibiting astonishing growth, with many locations experiencing 30%+ house price growth.
And even though growth is slowing in other parts of Australia, Brisbane’s housing markets are likely to continue to perform strongly in 2022.
Currently, the Sunshine State capital is shining but it’s not too late to be early in this cycle – there is plenty of growth ahead – for the right properties as overall Brisbane is still very affordable compared to the other east coast capital cities.
Increased demand for Brisbane houses has been underpinned by increasing consumer sentiment, historically low-interest rates, and internal migration considering the relative affordability of houses in Queensland compared to Sydney and Melbourne.
So I see Brisbane’s property market continuing to grow at the rate of 8 to 10% per annum throughout 2022 until eventually, affordability slows the market down.