Just when we thought it would be doom and gloom, the Australian housing market defied industry expectations in 2020 and will continue to do so in 2021. While nationally housing prices rose, Brisbane was the leader in growth with home values up by 3.5 percent over the past year and the number of property sales back at pre-COVID levels. Westpac Bank, one of the nation’s top four lenders, predicts a further 20 percent price increase between 2022 and 2023. There are some good reasons why Brisbane is ideal for first home buyers.
Why Invest in Brisbane Property?
If that’s not enough to convince you to buy your first home in Brisbane then here are 5 more reasons to better know why to invest in Brisbane, Queensland.
1. Developments and infrastructure projects have the green light
Many development and infrastructure projects have been given the green light in and around Brisbane which will have a positive impact on employment rates and the economy.
Some projects include the construction of a $8.9 million state-of-the-art residential living project in Carseldine beginning in April. A redevelopment of the Deagon Racecourse, and $2.1 Billion in highway upgrades.
2. Growing reputation as a cultural destination
Brisbane has come a long way since it was just a “big country town” and is building a reputation as a cultural destination with an endless array of art exhibitions and large-scale festivals and events.
With facilities such as South Bank, Parklands, QPAC, State Library, Queensland Museum, Suncorp Stadium, Brisbane Entertainment Centre, it’s easy to see why it’s a world-class entertainment destination.
3. New World City
Brisbane City Council has announced it will become a New World City by 2022 and aspires to be an Asia-Pacific hub by 2031. A New World City means Brisbane will be recognised on a global scale for its affordability, liveability, safety, education opportunities and fantastic infrastructure.
4. Brisbane is clean
Did you know that Brisbane has been listed as one of the world’s cleanest cities? With low water usage, conservation schemes and city cycle projects it’s fantastic to see Brisbane City Council prioritizing the environment.
5. It’s not too late to build
While the HomeBuilders grant has come to a close, first home buyers can still access a $15K cash boost via the First Home Owner Grant and may also qualify for the First Home Loan Deposit Scheme.
Now, you will be aware of all 5 reasons why Brisbane is ideal for first home buyers. There’s still plenty of ample vacant land around Brisbane so start exploring today and contact your mortgage broker to make plans for those first steps.