Post-pandemic resurgence and low housing stock are said to be to blame for Brisbane house prices continuing to soar as Australia faces an acute housing crisis, both in the rental and ownership markets. Those looking to purchase their first home in Brisbane or most of South-East Queensland are having a harder time than any first home buyers who have come before them. Industry experts report record stress levels surrounding purchasing property for the first time, with record turnouts at residential open homes across Brisbane in the first half of 2023. A worsening imbalance between supply and demand for homes across the South-East means aspiring first homeowners may be feeling left in the dark.
Brisbane’s most expensive suburbs 2023
It’s no secret that Greater Brisbane’s population is increasing at an unprecedented rate. Brisbane suburbs which were once home to young families on large size blocks are being overrun by high rise developments as gentrification begins to take place across the city, much like what has already been seen in Sydney and Melbourne. Though house prices have taken a hit in recent months, this has had minimal impact on the increase that occurred between August 2020 and June 2022 where Brisbane’s average house price increased by 43%.[1] Brisbane’s current top 10 most expensive suburbs all feature a median house price of over $1.75m, and range in proximity to the CBD from the neighbouring Hamilton all the way out to the suburbs of Fig Tree Pocket and Pullenvale.
- Teneriffe – $3.62m
- New Farm – $2.94m
- Chandler – $2.55m
- Ascot – $2.22m
- Hamilton – $2.05m
- St Lucia – $2.05m
- Pullenvale – $2m
- Bulimba – $1.99m
- Hawthorne – $1.82m
- Fig Tree Pocket – $1.73m
How can a conveyancing lawyer help?
A good Brisbane conveyancing solicitor will be able to explain to you – in simple, layperson’s words – all of the messy or vague-sounding terms that may have been included in your house purchase agreement. Many first homeowners in Brisbane report feeling overwhelmed when first presented with a sale contract. This is an entirely reasonable response, given this is likely to be your single biggest purchase to date in your entire life. Conveyancing lawyers in Brisbane will be familiar with all the legal jargon and can help you to navigate all aspects of the process.
Whether you’re purchasing an apartment in Newstead, an old Queenslander in Corinda, a duplex in Springfield Lakes, or a sprawling piece of land on the outskirts of Greater Brisbane, Victor Legal will be able to alleviate any of the stress associated with the legal side of first home ownership in South-East Queensland. We’re experienced, professional, and personable conveyancing lawyers who understand all of the nuances that come with signing that final contract. Contact our team of Brisbane conveyancing solicitors today. Hundreds of Queensland families have trusted us to handle the conveyancing aspects of their home purchase. We’re here to help.
[1] https://www.corelogic.com.au/news-research/news/2023/brisbanes-new-record-price-fall-barely-dents-pandemic-gains
