We’re already speeding into another year, so it’s time to start thinking ahead as to what will play out in the real estate market.
Northside Realty’s Bryan Reinhardt has come up with a few potential market influencing factors for the 2020 North Brisbane property forecast.
How we Saw 2019 Wind Up
The demand for real estate was still strong at the end of 2019 but there was low supply due to a lack of confidence in many factors:
- Retail sector
- The cost of living going up
- A sluggish economy/political instability (to mention a few)
We have noticed that anywhere on the north side of Brisbane has seen growth because of the supply/demand problem.
In particular Albany Creek, Eatons Hill and surrounds have seen growth.
Factors Influencing the 2020 Property Market
Everything we have already mentioned above are going to be influencing factors that will shape the 2020 real estate market.
Although they are likely to influence the market, it should remain relatively similar to 2019. Unless we see confidence return to the retail sector, wages will go up, cost of living will improve and inflation will go up.
There are times politics can influence the market, but we don’t expect the upcoming election to have any significant impact other than it might slow down a fraction just before the election is due. This might influence when you choose to list your home for sale in 2020 – so possibly don’t wait until it’s too late in the year, because once we have the election this then runs into Christmas and before we know it, we’re staring down the barrel of another year.
Local Development – Petrie
The Petrie Mill development taking shape is certainly impacting property prices across the board. We are noticing a shift in property prices in suburbs around Petrie, Lawnton and Strathpine, but also a little further afield in Warner, Joyner, Cashmere and Bray Park. There is still plenty of growth in these suburbs.
Investor Alert – it is still possible to snap up a great property that will yield a good return because of the development.
These are all very family friendly suburbs – close to The Petrie Mill and new university, as well as other major facilities including public transport, schools, shopping centres and even a short distance to major roads including the Bruce Highway.
2020 North Brisbane Property Forecast
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