Brisbane expected to top Median House Prices
Brisbane is set to become the next outperforming Australian capital city over the next three years according to the QBE Australian Housing Outlook 2014. Median house price growth is set to reach a massive 17% in Brisbane, almost double that of Sydney.
With a strong demand for housing required for Brisbane now and in the next few years, investors are finding that Brisbane today offers a better investment compared to Sydney which is nearing the peak of its property cycle and house prices are becoming increasingly overpriced.
Between 2015 – 2017, Sydney is expected to grow by 9%, with 2015 seeing the most growth of 7.2%, but after this growth starts to slow down. Compare this with Melbourne, which is only forecast growth of 4.9% during the same time period.
At the other end of the scale, Perth is likely to see a 1.9% decline over the next three years after seeing an 8.2% growth in 2013. Darwin and Canberra see a stable growth of 2.3% and 0.9%.
Over the next three years Brisbane is likely to benefit from a growth of 7.4% in 2015 rising to 7.5% in 2016 and again by another 1.3% in 2017. Due to this, Brisbane’s median housing price is estimated to reach $550,000 by 2017, although Sydney will still hold the title of being the most expensive city for property, with prices at an extraordinary $885,000. These forecasts are taken from research house BIS Shrapnel.
If you are looking to get on the property ladder as a first home buyer then Brisbane offers the most affordable prices right now with the highest level of growth and this market should definitely be considered. Investors are also likely to take advantage of this huge growth potential.
To ensure you don’t miss out on this fantastic opportunity, make an enquiry today where our consultants can show you what stunning off the plan apartments we currently have available to buy in Brisbane.
Published on 20th of October 2014 by Marty Stanowich