Brisbane is on the cusp of becoming Australia’s most sought-after property market, according to George Cherchian (pictured above), a buyer’s agent at James Chase Buyer’s Advocacy.
Despite Perth’s median price rising by 19.8% in the year to March, Brisbane is not far behind with a 15.9% increase, as reported by CoreLogic.
Cherchian highlighted Brisbane’s burgeoning growth, driven by a combination of population increase and economic factors, suggesting a bright future for the city’s property market.
Cherchian outlined four key reasons underpinning Brisbane’s market heat-up:
Perth’s property market has soared due to a significant demand-supply gap, driven by investor interest, foreign migration, and limited new listings. However, Cherchian noted that Perth’s extreme price growth is unsustainable in the long term.
With building approvals on the rise and homeowners considering sales before the peak, Perth might soon see a slowdown, contrasting Brisbane’s ongoing supply constraints and robust demand.
While Perth is expected to outperform Brisbane in 2024, the tide could turn in 2025, with Brisbane’s price growth potentially surpassing Perth’s.
“Once investors recognise that Brisbane has more medium-term growth potential than Perth, we should start to see some of that west-coast demand switch back to the east coast, which will further tilt the scales in Brisbane’s favour,” Cherchian said.
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