It’s no secret that there has been a massive construction boom in Australia since the pandemic. Property prices have increased, and so has the demand for new builds. While there are some challenges when it comes to building a new home in 2022, the positives definitely outweigh the negatives, and Brisbane’s property market is forecast for strong growth in 2022 and beyond. Here, we take a closer look at the pros and cons of building a new home in Brisbane this year.
How long will the property boom last?
As you probably know, Brisbane was one of the strongest performing housing markets in 2021, with many suburbs experiencing upwards of 30% in price growth. So, have you missed the boat? The short answer is no – there is plenty of growth ahead – as Brisbane is still very affordable, compared to other east coast capital cities like Sydney and Melbourne. Building a new home now is definitely worth considering. As more and more home buyers continue to enter the Brisbane market, there may not be as many bargains, and in 12 months’ time the property you purchase or build today will certainly seem like a bargain! Growth may be slowing down in other parts of Australia, however, Brisbane’s housing market is likely to continue to perform strongly throughout 2022.
So is now the right time to build in Brisbane?
There’s no doubt that COVID has led to more people leaving the city behind to move to the suburbs, in search of more space as they spend more time at home. Increased demand and COVID-related delays have led to unforeseen supply shortages in building materials, which means longer wait times for new builds. Sure, this can be a little frustrating – but it’s totally worth the wait! The cost of building materials has also risen; however, this will be offset by the increase in house values in the long term. A shortage of land will further impact demand and housing prices in the future. All of these factors suggest that now is the time to build a new home.
A bright future ahead
One of the main growth drivers that will see the Brisbane housing market continue to perform strongly is the 2032 Olympic Games. This event will result in massive infrastructure as well as economic and population growth over the next decade. So those who choose to build now will no doubt benefit from increased property values in the future.
Brisbane is one of Australia’s most affordable capital cities
Another appeal of the Brisbane housing market is that values remain relatively low, compared to the recent acceleration of values across other east coast cities. Experts agree that the outlook for the Brisbane housing market remains strong. Remember, the current upturn phase of the Brisbane property cycle only began in October 2020, so property forecasts indicate that there’s a fair way to go yet.
Interstate migration will remain high
Interstate migration to Queensland is at record levels. In fact, the Treasury predicts that Queensland will welcome around 20,000 people from interstate every year, for the next four years. It’s also important to note that when international immigration resumes, local buyers may find it more difficult to enter the market, due to increased competition from overseas buyers.
Should you just keep renting?
The old saying that ‘rent money is dead money’ is now more relevant than ever. While it may be tempting to keep renting as housing prices rise, rental rates will also continue to increase – so the sooner you decide to invest in your own home, the better.
Brisbane set to be the growth leader of 2022
Property experts believe that Brisbane is destined to be the price growth leader in 2022 – albeit with prices rising at a slower rate than 2021. In fact, the growth in Brisbane is expected to be a fairly long term trend, with a growth market predicted until 2032.
At Hallmark, we’re confident you won’t find better value for money
Recognised as one of South East Queensland’s most trusted builders, Hallmark Homes has become the ‘go to’ builder for people looking for a home that offers excellent quality at a great value price. In fact, we encourage you to talk to other builders and compare. After all, building a home is probably the biggest investment you’ll ever make. At Hallmark, we’re passionate about giving you more home for your money.
Hallmark Homes is also excited to announce that we will be releasing a selection of fabulous new home designs in 2022. And we can’t wait to share them with you soon. So watch this space!
Now’s the time to build your new home in Brisbane. Contact Hallmark Homes to speak with an experienced consultant about your specific home ownership goals in 2022. Come and visit one of our display centres or check out our virtual tours and house plans from the comfort of your own home. If you have any questions about our single storey, double storey, acreage, narrow lot, home designs, or house and land packages, please contact us today.