The global pandemic, when many people began to work from home for the first time, highlighted the notion of a work-life balance. Productivity increased, our commute time disappeared, and suddenly there were more hours spent with loved ones and doing the things we love. We could work where we wanted to when we wanted to.
Some Australians were quick to trade their city lives for the slower-paced suburbs, which caused a housing market boom. Although housing affordability has now stabilised somewhat, Brisbane remains a property hot spot, particularly for interstate buyers.
This article looks at our predictions for Brisbane's property market and which suburbs are tipped to experience growth thanks to the rise of the work-from-home trend. We also break down exactly what it is that owners and investors are looking for when it comes to buying a home in Brisbane.
The Impact of Remote Work on Brisbane Property Prices
The flexibility of being able to work from home has seen interstate migration grow rapidly. Brisbane's housing affordability (with Brisbane's median property price of $888,000 compared to Sydney's $1,395,000) means homebuyers from interstate can keep their Sydney and Melbourne jobs while enjoying a better quality of life in Queensland.
Bigger, renovated homes on generous blocks of land close to the city, gorgeous weather, and a laid-back lifestyle are many factors drawing buyers from overseas and interstate.
With this increasing demand, favourable market conditions, and interest rates predicted to drop in the latter half of this year, the housing market is expected to continue its upward trajectory as the 2032 Olympics draw closer. House price growth in the inner-city and middle-ring suburbs is tipped to be the strongest.
What homebuyers want in the Brisbane real estate market
Around Australia, approximately 40% of people work from home, and nearly 90% want to. It's a trend that will only continue to grow, especially in Brisbane, where house prices are tipped to continue rising over the next decade or so due largely to rapid population growth.
Top of the list of wants in a home for owner-occupiers are:
- A dedicated workspace to enable remote work.
- A high-speed internet connection.
- Proximity to amenities such as schools, shops, and medical facilities.
- Close to parks and green space.
- Accessibility to public transport and cycle paths.
- Quiet neighbourhoods that are still close to the CBD.
- New or recently renovated homes.
Those looking for a property investment in Brisbane are keen to see:
- Areas of strong capital growth.
- High rental yields.
- Close to employment opportunities for potential tenants.
- Proximity to infrastructure development.
- Low vacancy rates.
- Property management services with a great reputation.
The suburbs tipped for housing market growth thanks to remote work
As with all Australian capital cities, working from home is a popular choice for homeowners in the inner city. Inner-ring locations that offer lifestyle factors that buyers are looking for, such as Paddington, Bardon, Woolloongabba, and Red Hill, will continue to be popular options for homebuyers looking to work remotely.
It's not just standalone homes that have seen price growth in recent times, either. This demand for a different approach to urban living is good news for Brisbane as the city continues to adjust to rapid population growth. Suburbs along the river, such as New Farm and Bulimba, will continue to be in demand.
Homes in middle-ring suburbs that offer bigger parcels of land, such as Chapel Hill, Ascot, Taringa, and Ashgrove, are well-positioned to make the most of the demand for space to work from home.
The outer-ring suburbs of greater Brisbane are an attractive option for young families for whom housing affordability is key. Brookfield, Kenmore Hills and Pullenvale on the west side and Keperra and Aspley to the north of the CBD will be key markets for those who demand suburban conveniences and more flexibility in their lifestyles.
How sellers can make the most of the work-from-home trend
Upgrades that target homebuyers who are looking to spend more time in their homes are key to getting the best price in the competitive Brisbane housing market. Here are three insights from a local real estate agent's perspective that can help your home stand out to homebuyers seeking the ideal spot to work from home.
1. Invest In A Home Office Space
Many homebuyers are seeking houses that have already undergone renovations to save themselves from the cost and stress of doing so themselves. Thoughtful design, good lighting, and soundproofing can increase your property's market value by appealing to the growing segment of work-from-home professionals.
2. Make Sure Your Technology Is Up To Date
Advanced technology such as high-speed internet and smart home features are more in demand now than ever, so sellers would be wise to ensure their homes include these features before listing on the market.
3. Incorporate Energy Efficiency And Sustainability
Energy-efficient solutions and renovations that incorporate sustainable materials can reduce utility costs and attract environmentally conscious buyers. Most importantly, they represent long-term value for buyers.
For more information on impressing potential buyers, see our guide to preparing your property for sale.
No One Knows Brisbane Better Than Penrose
The movement toward working from home is transforming Brisbane's housing market. When it comes to buying a home in the Greater Brisbane area or navigating the needs of remote workers, only a local Brisbane real estate agency with many years of experience can provide you with market trend insights and the unique selling points of each part of this diverse city.
Penrose Real Estate takes a personalised approach to matching buyers with homes that suit their unique requirements. With an unrivalled passion and knowledge of local real estate, Grant and Christina can give you expert assistance to find the perfect home to suit your lifestyle. Get in touch with us today.