Brisbane is sometimes known for being the less glamorous sister of the more up-market southeastern capitals, but its weather is sunnier and its property market is growing hotter by the minute.
Brisbane’s market has always seen a steady growth but in recent times the high-end residential market has also seen a positive shift, according to real estate agency Ray White which brokered the 2014 sale of an Aaron Avenue home to Gina Rinehart, the wealthiest person in Australia, for $14m.
Not only is demand for Brisbane property increasing among Australians, it is particularly strong among Chinese buyers. The city is now the third most searched state capital in Australia on the international Chinese-language property portal Juwai.com. Aside from China, demand for Brisbane homes stems from investors from the United States, New Zealand, and the United Kingdom, according to the Real Estate Institute of Queensland (REIQ).
“We see the gap between Sydney and Melbourne closing in the next couple of years,” said Patrick Hunt, manager at Indigo Building Group. Hunt noted that interstate investors from the southern states had begun their “northern migration,” drawn in part by Brisbane’s more affordable median house price and stronger yields.