There’s a lot to love about south-east Queensland: the sun, laid-back lifestyle and – great news for buyers – affordable homes.
But on top of that, there’s plenty of logical, wise and potentially very profitable reasons to buy a home in Brisbane in 2021.
Brisbane has made an impressive post-COVID recovery in every way
The challenges of 2020 have made Queenslanders particularly grateful for our freedom, open spaces and lower-density living. For the same reasons, Queensland has attracted increased attention from interstate and international buyers looking to secure their own slice of heaven.
Combined with less-restrictive lending rules, the budget’s commitment to jobs and the RBA’s promise that historically-low interest rates will remain for at least three years, this external interest has helped Brisbane make a speedy post-COVID recovery. In fact, CoreLogic reports Brisbane home values are up 3.5% over the past year and the number of property transactions are back at pre-COVID levels.
The future looks so bright for Brisbane property that Westpac Bank predicts the market will enjoy an astronomical 20% price increase between 2022 and 2023! Meaning, of course, that now is the time to get into the SEQ property market.
Infrastructure projects are creating huge opportunities
The plethora of current and planned developments in and around Brisbane are having a positive impact on Brisbane’s employment and economy.
Brisbane Airport’s second runway opened in mid-2020 and this project alone is anticipated to create as many as 8,000 new jobs and contribute an extra $5 billion to the Brisbane economy by 2035.
Brisbane’s culture is blossoming
Long touted as a “big country town”, Brisbane is now a renowned cultural destination.
The annual calendar (outside of COVID-19) now boasts a seemingly endless array of artistic exhibitions, creative celebrations, large-scale festivals and events.
Dedicated centres such as Parklands, Queensland Performing Arts Centre, the State Library, the Queensland Museum, Suncorp Stadium, Brisbane Entertainment Centre, South Bank and the Queensland Cultural Centre are attracting more and more international gigs, matches and displays than ever before, and put Brisbane residents within easy access of world-class entertainment.
Finally, foodies will attest to the explosion of dining options in recent years, as new restaurants and cafes continue to open and serve an increasingly diverse range of cuisines.
Brisbane is on track to become a New World City
While you may not know what this is, believe us when we say it’s big news for residents!
Brisbane City Council has committed to becoming a New World City by 2022, and aspires to be an Asia-Pacific hub and a top-ten global lifestyle city by 2031.
A New World City is a mid-sized city, recognised on a world scale for its affordability, agility, safety and security, along with its world-class education and career opportunities, efficient infrastructure and ideal work-life balance.
Of course, these commitments will take high levels of collaboration at all levels to be realised, but exciting times are ahead.
Securing a Brisbane property may make you a millionaire
Buying property in Brisbane in 2021 may make you a millionaire by 2023! As more and more international and interstate buyers set their sights on sunny Queensland, CoreLogic predicts that by 2023, one in 10 properties sold in Brisbane will have a price tag of over $1 million.
Brisbane is eco-friendly
Brisbane has been ranked as one of the world’s cleanest cities for years, and when you understand the initiatives being delivered by government, community and individuals, it’s easy to see why.
Council’s City Cycle project encourages people to ride rather than drive into the city, renewable energy is used wherever possible and rigorous waste-disposal and processing initiatives are in place.
Brisbane households currently use the lowest rates of daily household water in the country, and council has commenced water catchment and treatment options that prioritise recycled water and protect the Brisbane River.
Finally, the Habitat Brisbane Scheme brings together volunteers with a passion for conservation to identify indigenous plants, report wildlife and remove rubbish.
Financial incentives are still available in 2021
While 2021 sees the end of the HomeBuilders grant, newcomers to the property market can still access a $15k cash boost via the First Home Owner grant and might be able to bypass Lenders Insurance with the First Home Loan Deposit Scheme or receive a Stamp Duty Concession so there is still plenty of incentive to build your own dream home from scratch.