While statistics seem to show that the Brisbane and Queensland property markets are growing more slowly than other capital cities and Australian states, that's not necessarily a bad thing.
No one can predict how the property market will perform in the future, and I'm certainly not making any predictions here, it can be fun to speculate.
I was born and raised in Brisbane and bought my first home here in 2003 so I'm personally invested in the Brisbane property market and couldn't give an unbiased commentary on the Brisbane property market anyway.
After getting married and having children, my wife and I bought a bigger house to accommodate our growing family. With four children we needed a lot more space; we have two older girls and boy-girl twins, all born less than five years apart, in case you're wondering! The older children have started primary school now but it's still super busy at our house.
We've been living happily in Mount Gravatt since buying our family home close to Charter Conveyancing main office so it's an easy commute to work.
I set up Charter Conveyancing in 2007 but before specialising in conveyancing law I was a mortgage broker, so I've had front row seats and closely watched the Brisbane property market evolve over the years.
Brisbane Property Market News: Good or Bad?
After the dreaded Global Financial Crisis and property prices that started dropping around 2008 or 2009, the Australian property market started picking up again in 2013, first in Sydney and then around the country.
But a recent article in the Property Observer suggested that Brisbane and Queensland property prices are lagging behind other Australian cities and states because the mining boom is dropping off and less people are moving here.
Although property prices in Queensland and across Australia are picking up, property market growth in Brisbane is still behind other states, which a Macquarie Wealth Management report attributes to "weaker domestic growth and the slow pace of interstate migration out of both Sydney and Melbourne".
I don't think that's necessarily bad news.
The good news is that Brisbane property is much more affordable than in cities like Sydney and Melbourne, which means that when interest rates rise, as the inevitably will, the Brisbane property market should be stronger and safer compared to places which are currently less affordable.
It also makes Brisbane much more attractive to first time buyers and a less financially stressful city to live in.
With the current debate 'will there/won't there' debate about a possible housing bubble in Australia raging, no one knows if the rise in property prices will continue steadily or if there will be a dramatic drop in the future.
But even if we are currently in a property bubble, because the Brisbane property market is growing more slowly we're less likely to see dramatic falls here than in the rest of the country.
Like all property owners I hope we'll continue to enjoy steady growth in the Brisbane property market, but even if property prices do fall again it won't be the end of the world.
For first time home buyers and property owners who love Brisbane, and are planning to live here for the foreseeable future, everything will probably come out fine in the wash.
Historically property prices all over the world tend to double every ten years, just like the share market, so if you buy Brisbane property and hold onto it, you're likely to get a good return on that investment for the long-term. And in the meantime you can enjoy the great Brisbane lifestyle too.
Buying or Selling Property in Brisbane and Need a Top Lawyer?
Contact us today to find out more about how we can help you buy or sell a property. Call us now on 1300 224 278 to book a free consultation or use the web form below.
Whether you're a first home buyer or a property investor who's selling we'll make everything stress free and easy for you.