Brisbane property prices could surge 50% by 2032
Property prices in Brisbane could see a boom of over 50% in the lead-up to the 2032 Olympics, according to industry insiders. REA Group Chief Executive Officer, Owen Wilson, said he expects Brisbane to outperform the rest of the country.
“I expect Brisbane will see the highest price appreciation in Australia in the lead-up to the Olympics,” Mr Wilson said. “There has been 45 per cent growth in the last few years, I expect it will be more than 50 per cent price growth in the lead-up to the Olympics.”
Mr Wilson highlighted the growing interest from foreign investors, particularly from India, as a key driver of growth in Queensland’s property market. “The largest source of immigrants at the moment is Indian high net worth investors who are looking to buy property,” he said. “Some ten years ago it was China.”
“There is still strong interest from foreigners to buy property in Australia.” Mr Owen said Brisbane is attracting people globally, based on the level of enquiries.
“If you look at enquiries on listings on realestate.com.au it’s up 20 per cent, which compares to four per cent in total for the country,” he said.
“There’s so much interest in property here.
“Brisbane has been a huge beneficiary of international and internal migration, especially from the southern states.
“The only place that rivals Brisbane for energy right now is Perth.”
Ray White Group Managing Director, Dan White, said that South East Queensland’s property market has consistently outperformed other major urban areas over the past three years.
“Brisbane houses have had the highest growth rate in the region of 40 per cent over three years, or 12 per cent annually,” Mr White said.
“The last three to four years have seen a change in a relatively long-standing historical trend – SEQ growth previously tracked with or underperformed the rest of Australia, it’s now growing at a dramatically higher rate.”
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