Property Development in Brisbane Continues with Increased Median Property Value Growth
For a while, Brisbane was Australia’s fastest-growing urban area. Although the growth rate has tapered off, it still registers some of the highest median value growths. This means that the neighbourhoods and residential developments around Brisbane are experiencing value appreciation. This is good news for those who want to invest in property as well as for those who already own property around Brisbane.
Property Value Growth
The property appreciation in Brisbane stems from several factors. The city has a high population growth rate and a growing job market. It is the third largest city in Australia with more than 2.3 million residents. It has a large influx of immigrants with a resulting diverse population. It has a sub-tropical climate, with winters seldom going below 20 °C. In summer, the temperatures are usually above 30 °C. Those who like wearing shorts and T-shirts can do so year-round in Brisbane. Brisbane has sunshine 261 days of the year. Unlike other major cities that are located along the coast, Brisbane is about an hour away from sandy beaches. The Brisbane River flows through the city. It also has its own man-made beach, Streets Beach. Tropical cyclones hit the area annually, and during summer, rainfall can reach 450 millimetres.
The city’s diversity is seen from the 2011 census, where it showed that up to 24% of Brisbane residents were born overseas. There are also six neighbourhoods where there are more foreign-born residents than Australian-born. There is a large diversity in the population with 6% of the population were originally from the UK, and another 4% are from New Zealand. About 15% of those were from a non-English speaking country. Besides the UK and New Zealand, Brisbane residents come from China, Germany, Samoa, South Africa, the Netherlands, the Philippines, and other countries in the Asia-Pacific region.
Brisbane is a bustling city with a large sprawl. It has a suburb with plenty of cultural diversity. It is a growing city with large stretches of development. The area is open to further growth in the coming years.