Prior to COVID-19, the Brisbane property market was expected to deliver strong capital growth in 2020.

Now, like most housing markets in Australia, Queensland property faces new challenges in the wake of the Covid -19.

So many are wondering – what’s going to happen to Brisbane property values?

Is it a good time to buy or not?

First let’s start with some context….

Despite a triple whammy consisting of:

• A pandemic that has kept much of the Australian economy on temporary life support, either via the federal government’s JobKeeper and JobSeeker schemes or loan repayment relief from banks

• Australia slipping into recession, something we haven’t experienced for over 30 years

• World social and political unrest

…Brisbane’s property markets have remained remarkably resilient so far, in fact the median house price in Brisbane is 3.6% higher than it was a year ago.

The Queensland property markets look to be relatively well placed in terms of fundamentals, barring the high exposure of parts of the State to the troubled international tourism sector.

Compared to New South Wales and Victoria, Queensland is less exposed to foreign education in migration flows.

Brisbane’s housing market also had a more subdued run-in prior to the Covid-19 shock and have relatively tight supply/demand balance.

The turnover of property sales in Brisbane rebounded strongly after the April / May lockdown and property sales through June and July were nearly 20% above the same period last year.

Property prices have been relatively resilient, slipping less that 1% so far since the Coronavirus pandemic hit.

Brisbane is one of the world’s great cities.

Liveability, affordability, scale and future economic prospects all suggest that Brisbane is a market where you can confidently buy.