Brisbane’s resilience through COVID-19 indicates that the capital city’s property market may be on the cusp of a property boom that will see prices jump by 20% in the next few years.

Throughout all of Queensland, buyer demand is at record highs and price records are being smashed, despite the recession.

The volume of house sales in Brisbane jumped 21% in July alone, and prices collectively rose by $1.4 billion, bigger than any other Australian capital.

Earlier in the year, economists at Westpac were predicting a 10% fall in prices. Now they’re predicting a 20% rise in Brisbane property prices over the next two years, beating out every other Australian city.

Simon Pressley, head of research at Propertyology, is predicting a boom “not seen in this country since the turn of century”, and Brisbane will be at the forefront.

Eliza Owen of CoreLogic Australia said that Brisbane would see a boost to housing demand once interstate border closures eased.

“This is because Queensland has been the highest recipient of interstate migration over the past few years, and the normalisation of remote work through COVID-19 may only boost that demand further.”

All of this data points to one thing: great things to come for the Brisbane property market.