The exciting and enticing capital city of Queensland, Brisbane, has become the new sanctuary of the high and the mighty. With luxury property demand in the region growing stronger, the prices are going through the roof. The metropolis has surpassed Melbourne and Sydney in the prime international residential index, with 2.5% price rise in the past year.
The COVID-19 pandemic has brought a paradigm shift in buyer demand, with luxury real estate in Brisbane becoming the hottest property segment. The affluent class is now interested in a location that is affordable, offers a relaxed lifestyle and is protected from contagion. The lockdown and the high number of cases in Sydney and Melbourne have helped in catapulting the demand in Brisbane. Let us take a look at the factors responsible for the giant leap for the sector.
The Region Offers an Attractive Lifestyle
Brisbane has everything that wealthy buyers need in their place of residence. The urban region boasts of multiple award-winning restaurants, ostentatious rooftop bars, swanky hotels, and mega shopping centres that welcome visitors and locals. Art lovers can have a field day in the city with ample galleries and exhibitions to explore and soak up the cultural scene. The adventure seekers can also rejoice in the lap of nature at Moreton Bay and walk through the World Heritage rainforests.
In addition, the city is always hosting one or the other sporting event. Thus, it offers the perfect home to city dwellers looking for a flavour of all the good things in life. The city has become the centre of attraction because it represents an ideal urban lifestyle that is flawless in every way. The number of millionaires is rising in the hinterland, which has charged up the demand for prime properties. The excellent value offered by Brisbane homes is helping in soaring the interest of the buyers.
The Pandemic Has changed the Buyer Demand
Before the novel coronavirus struck the country, the super-rich population was more interested in settling down in Sydney or Melbourne. However, with remote working coming into the picture, people are now more than happy to move away from the congestion and gridlock. Also, with the past year spent in homes, most of the high-end home buyers have stocked up on capital, which would otherwise get spent on luxury shopping and expensive holidays.
They have now realised that the available cash can get them more opulent and expansive homes in Brisbane than settling for something smaller and less extravagant in Sydney or Melbourne. The buyers are now more inclined to find bigger spaces that can offer them all the creature comforts within the four walls, such as a private swimming pool, garden, entertainment area, lounge rooms, theatre rooms, etc. The contagion has helped in bringing the spotlight on the capital of Queensland, which has been undervalued for a long time.
Expats and Interstate Buyers Are Propelling the Demand
Several expats living in the US and UK are now showing an interest in the prestige properties of Brisbane, which offer a better bang for their buck. The high-value homes come with a great return on investment if they are sold by the owner. Thus, many offshore buyers are signing the deals after the virtual tour of the property. In addition, interstate migration has doubled as more people are moving to safer zones with less population and more spacious homes.
Most of the crowd is coming from Sydney and Melbourne, which has increased the enquiries and boosted new homes sales in Queensland. Earlier, the retirees would flock to the city, but now the demographics have changed. More young couples and working professionals are buying homes in the city. The comfort and safety offered by Brisbane, along with affordability, are hard to match, which has strengthened the confidence of the buyers.
Favourable Market Conditions Promote Growth
The growing activity in the million-dollar segment has put Brisbane ahead of all other regions in the sought-after market. The confidence of the ultra-rich segment has improved as the city has been showcasing a world-class infrastructure. The other favourable features that have helped in buoying the demand are the low-interest rates and new projects in the pipeline. The housing market has touched a record high as the stock is running low in some areas. With a lesser impact of the pandemic in the state in comparison to NSW and Victoria, the interstate demand for the ostentatious homes in lifestyle markets has been growing.
The surrounding suburbs are also experiencing a surge in property prices. The city started experiencing massive growth immediately after the lockdown was lifted, and the restrictions were eased. The auctions have been experiencing a perfect clearance rate, and more people are willing to list their properties to make gains during the boom times.
Big Sales Are Creating More Excitement
The region has been witnessing a sudden storm of million-dollar sales, which have brought it on the top position of the prime property market. The city offers the best location, which lies in proximity to the beach and the CBD. High-net-worth individuals can enjoy a luxurious lifestyle in this stunning locale. The lowest ever mortgage rates and lesser stock in the premium segment have further enhanced the prices. Internal migration has positively impacted the market and the work from home scenario has helped in saving up a lot of cash that is being utilised in property investment.
Instead of smaller homes, the wealthy class is looking at prestige properties that offer the best comfort and opulence. According to property experts, prices will rise by 9.5% in 2021 in Brisbane and the trend will continue in 2022. It is quite evident that this is not a bubble and the property market will not crash after a massive high. The change is here to stay, and the encouraging conditions assure that the future is bright.
If you have been waiting for the perfect time to invest in luxury real estate in Brisbane, do not look back as the prices are going to touch the sky pretty soon. So, make sure you find the right match within your budget to enjoy the rewards for a lifetime.