Queensland's prestige property market is expected to gain more momentum in 2022

In addition to Queensland's solid property market growth, the state's prestige market is also experiencing an upward trajectory. According to Your Property Investment reports, activity in the premium property space has tripled over the last year. 

Since 2019, the number of transactions involving properties priced between $5 million and $20 million has been steadily increasing. Brisbane recorded 11 prestige sales in 2019, 22 in 2020 and 38 in 2021. Belinda Shields, Senior Buyer's Agent at PS Property Advisory, says cashed-up buyers boosted Brisbane's high-end market over the past year. "One of the most striking elements is that far more Brisbane locals are purchasing at this price level. High-end prestige [property] is no longer just within the realm of interstate, ex-pat and foreign international buyers in Brisbane," she says. 

Ms Shields comments that buyers in the prime segment are often not price-sensitive, further supporting growth. "We are the current go-to-market for high-net-worth buyers, and as borders come down, we'll see an influx of these ultra-luxe buyers. Interstate and overseas migration is set to skyrocket, and our upper end will lift further."

Historically, high-net-worth buyers struggled to find suitable homes in Brisbane, but Queensland's reputation for being relatively Covid-19 free has improved the state's appeal to buyers. Today, Brisbane boasts picturesque river frontages, larger homes close to the city centre, high-end architecture and increased infrastructure investments - all of which are piquing the interest of luxury property purchasers. 

Antonia Mercorella, CEO of REIQ, commented the Queensland housing market's "phenomenal" performance was due to "insatiable" demand from buyers. "Queensland hasn't experienced this sustained level of demand and accelerated growth before, but after years of modest growth, prices here are playing catch up."

She predicts that low levels of stock, record-low interest rates, high levels of consumer confidence and household savings are all factors that could support price growth over the next year. 

Source

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