As a new year begins, it’s a good time to consider what we can expect from the real estate market in Brisbane. As we work our way out of the effects of the pandemic, it’s important to note our housing markets have remained resilient.

The Pandemic
Fears of a housing crisis have dissipated in Brisbane as there was only a mild downturn and now property values have begun rising over the last few months. Queensland has done a great job of containing COVID-19 which has helped the property market gain confidence and quickly recover housing prices. With talk of a vaccine being rolled out, this could also result in an increase in prices.

Interest Rates
With the historically low-interest rates we’ve experienced as of late, we’re seeing first-home buyers taking advantage of these incentives and coming out at full force. Especially as it’s looking like it’s cheaper to buy than rent for prospective home buyers. We expect to see this trend continue in 2021 but eventually, the interest rate may begin to climb again.

High Demand
For those looking to buy however, there may not be enough homes on the market to match the high demand for property. This has resulted in what we can define as a seller’s market. When demand is higher than the supply, home prices increase, which benefits sellers. In this environment, we expect prices to continue to grow due to increased competition amongst buyers.

If you’re considering selling or buying, get in touch with our team and we’ll help you make an informed decision regarding your property journey in 2021.