Toowong is one of the top performing suburbs for unit capital growth in 2018 as the Brisbane housing and units market is poised to perform better in 2019, latest research shows.
Brisbane can look forward to a bustling housing market in 2019 as house sales and rentals are seen to rise and supply contract due to expected increase in demand, Place Estate Agents research predicts.
Brisbane’s performance in 2018 was mostly buoyed by low unemployment rate, affordability, and upcoming and underway infrastructure projects including the Queens Wharf development and the Howard Smith Wharf precinct. These factors are expected to continue boosting the capital city’s residential market performance next year.
Brisbane has been defying predictions of gloom and doom in the property market and challenges brought by unit oversupply this year. Whilst other capital cities experienced declines, Brisbane suburbs registered growth, both for houses and units, for the past 12 months.
National Housing Market Update | December 2018
Video Credit: CoreLogic Australia / YouTube
According to CoreLogic’s November hedonic home value index report released in December 2018, Brisbane recorded positive dwelling values change over the month (0.1 percent), quarter (0.1 percent), and annual (0.3 percent). This, despite the national dwelling values dipping 0.7 percent over the month — the weakest month-on-month change since the Global Financial Crisis.
The top ten suburbs for houses capital growth is led by East Brisbane with an annual average capital growth rate of 11.7 percent, followed closely by Fortitude Valley with 11.3 percent. Coorparoo, Teneriffe, Highgate Hill, Greenslopes, Albion, Paddington, West End, and New Farm rounds out the list.
Herston, on the other hand, led the top ten suburbs for units in 2018 with 4.5 percent annual capital growth rate, followed by Hawthorne (4.2 percent) and Toowong (3.9 percent). The rest of suburbs that made the list are Wilston, New Farm, Teneriffe, St Lucia, Highgate Hill, Windsor, and East Brisbane.