BRISBANE homeowners will be the envy of their southern counterparts over the next few years, with property price growth predicted to be the strongest in the country.
While house prices nationally have increased annually since the end of 2012, Brisbane largely missed the price surge of recent years. However, house price in the Queensland capital are forecast to rise by 11.3 per cent in the next three years, according to the latest BIS Economics Australian Housing Outlook commissioned by QBE Insurance.Brisbane’s median house price is tipped to grow to $615,000 by June 2021.
The QBE Report found Brisbane’s affordability remains significantly more attractive than Sydney, where house prices are forecast to fall 3.5 per cent in 2019 before bottoming in 2020, and in Melbourne, where they are set to drop another 4.2 per cent next year. This has helped the Sunshine State become a magnet for buyers seeking an affordable city to relocate. Interstate migration has hit a decade high, helping to propel Brisbane to one of Australia’s fastest growing cities, supporting demand for housing.
Brisbane unit prices fell 3.8 per cent over the September quarter and 6.8 per cent over the year to $376,972, which is attributed to the heightened supply of inner-city apartment completions.
Speaking to the Courier Mail QBE chief executive, Phil White said, "tighter lending restrictions had impacted property prices nationally. But Queensland’s increasing population growth is expected to support buyer demand."
(Source: The Urban Developer, 29 October, 2018; Courier Mail, 25 October 2018)