The factors behind Brisbane’s luxury property market boost are likely to continue into 2021, according to the latest figures from the Queensland Treasury.

The State’s final demand—a key measurement that indicates overall economic growth—jumped 6.8% in the September quarter, the largest in the country. And Brisbane was the only capital city on the east coast to experience a net migration increase.

Local agents are predicting a 24-36 month run of growth. One of the key behavioural changes identified in the market by real estate agents is that buyers are willing to upgrade their homes. With many citing the rationale being that if we can’t travel for the foreseeable future and have to spend more time at home, we may as well make our homes a nicer place to be.

Interstate demand for Brisbane luxury homes is on the rise, particularly from Melbourne buyers, with one agent reporting a 200% increase in enquiries from Melbourne since November.

As long as this demand continues from both local and interstate buyers, there are promising things ahead for the Brisbane market