This is key because we know that 80% of a propertys performance is dependent on the location and its neighbourhood. Thats up to you and me as property investors. This field is for validation purposes and should be left unchanged. However, I believe later this year or early next year as many prospective buyers will realise that interest rates are near their peak, inflation will have peaked and the RBA's efforts will bring it under control. As of November, the median price for houses in Brisbane stood at $817,684, which is a 2.2% decline month-on-month and a 6.2% decline quarter-on-quarter. Australia's population growth is projected to return to around 355,000 by 2024/25, before easing to around 330,000 per annum by 2032 in line with the reduction in the natural increase. We dont want to live in high density, and weve chosen as a society to underinvest in transport. Australias population was growing by around 360,000 people per annum, meaning we needed to build around 170,000-180,000 new dwellings each year to accommodate all the new households. Brisbanes house prices saw the steepest annual climb in 13 years in 2021, as the citys property market came to grips with relentless Covid-19-induced demand for property. However, there is not one Queensland property market, nor one southeast Queensland property market, and different locations are performing differently and are likely to continue to do so. Advertised housing stock remains extremely low and is trending lower as buying activity remains elevated, implying selling conditions remain strong across the Perth market. And now that Australias internal borders have opened up it's likely that the northern migration will continue into 2022 driven by Queenslands more affordable housing and perceived lifestyle benefits. Love the blog, thanks. However, the affordability of Perth in relation to elsewhere will help to install a floor under prices. Please visit our advertising page to learn more and enquire about advertising with us. Now that overall growth in our property markets has slowed as we discussed above buyers are becoming more selective. There is the spectre of higher interest rates, the continual media coverage predicting falling property values and an imminent property crash (which by the way is wrong) and geopolitical tensions around the world. On the upside it is clear that around half of variable rate owner-occupier households have large buffers - 55% would not exhaust buffers for at least two years even with higher minimum repayments if they chose to maintain non-essential spending. Currently, there are about 26 million Australians and Australia's population is forecast to rise to 29 million people by 2030. It's well known that the rich do not like to travel and they are prepared to and can afford to pay for the privilege of living in lifestyle suburbs and locations with a high walk score meaning they have easy access to everything they need. The current interest rate hiking cycle has triggered the largest and fastest decline in Australian property values since CoreLogic started recording data in the 1980s. Mr Blackburne predicts more people . This is also exacerbated by Perth being reclassified as a regional location for migration purposes. Westpac has upgraded its housing market forecasts, tipping house prices to lift by a further 5 per cent in the remaining three months of 2021 to be up 22 per cent for the year. In terms of capital growth, it might not have the speed of crypto or stocks, but in terms of delivering consistent results over time, Australias real estate is a spectacular investment. However the Adelaide property market has now joined the rest of Australia in its housing slowdown falling 0.2% in the last month, but still up 44.2% since the pandemic began in March 2020. This, in addition to employment growth, long-term benefits of hosting the Olympics and the extra infrastructure building, means this part of Australia is looking particularly positive. I've recently written a detailed article outlining 10 Reasons Why Our Property Markets Won't Crash - you can read it here. Median house prices in the inner north, inner south, and Woden Valley are now all above seven digits. Economists at one of Australia's biggest banks have predicted a huge drop in property prices before the end of 2024. Brisbane: $750,000. In other words, it will increase by over 50%! property market either. The Prime Minister on Tuesday announced that Australia's richest 0.5 per cent would see their super contribution tax rate double to 30 per cent, up from 15 per cent from July 1, 2025. Houses remain a firm favourite of prospective home hunters, with demand rising post-lockdown and it remains significantly elevated compared to last year. Currently I see a window of opportunity for property investors with a long-term focus. And unlike in Sydney and Melbourne, prices are still far higher across the city than just 12 months ago. Even though median house prices in Sydney are still falling, the rate of decline is decreasing, and Dr Andrew Wilson reported that "asking prices" for established houses listed for sale in Sydney were steady over October and fell 0.8% over November. Many inner suburbs of Australias capital cities and parts of their middle suburbs already meet the 20-minute neighbourhood tests, but very few outer suburbs do because there is a lower developmental density, less diversity in its community, and less access to public transport. Prices in the major capital cities are already up 17 per cent for the year to September and are tracking for a 1.5 per cent gain in October. That's not a property market crash - is it? meaning they have easy access to everything they need. As you can see while values in our capital cities grew considerably, the regional property market performed even better during the last property boom. This will impact negatively on the lower end of the property markets which will also be affected by the fact that many first home buyers borrowed to their full capacity and will have difficulty keeping up their mortgage payments up at the time of rising interest rates or when their fixed rate loans convert to variable rates. According to the research group CoreLogic, Perth home prices have increased only 0.3% over the past month and 1.6% over the past three months. 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