20% GROWTH predicted for BRISBANE! Are you going to miss the BOAT?
Brisbane is in line for a 20% capital growth rate over the next 3 years experts from BIS Oxford Economics have said. With economic growth underpinning the growth and affordable housing, compared with other capital cities in Australia it’s looking like it’s a good time to buy.
With both Melbourne and Sydney looking like they are at the bottom of the property cycle they are starting to move up with Auction clearance rates also increasing. After such a long period of growth, both these cities are not expected to have the massive gains seen from earlier years. It will be more a moderate growth.
Also we are beginning to see buyers from the southern states of Victoria and Sydney starting to take their profits and capital gains that they have made by selling up and moving to Brisbane, the Gold and Sunshine Coasts. They are looking for a lifestyle change, to reduce their mortgage repayments and live in modest size homes. This waive of new buyers will see new money flooding into the market and potentially pricing locals out of the market.
According to the report, there remains an oversupply of dwellings in the state, mainly in the apartment sector, keeping any price rises modest in 2019/20, with an acceleration in price growth expected to emerge the following year.
BIS Oxford Economics’ Residential Property Prospects 2019 to 2022 – At a glance:
- The greatest upside to house prices is expected to emerge in Brisbane.
- Moderate price rises are expected to tick over in Canberra and Adelaide.
- Median house prices in both the Sydney and Melbourne markets are expected to still be below their respective peaks of June 2017 and December 2017 by June 2022
Time is everything in buying property and the timing could not be better if you are an owner occupier looking to upgrade or an Investor looing to invest for the future.
For investors there is much to consider. Carefully do your homework and research into the right suburbs to invest in with low vacancy rates and make sure it is giving back high rental returns. Look into New versus Old and its proximity to the CBD or infrastructure such as shopping centres, schools, airport, university, transport etc.
So the question is, are you going to be an investor that makes money? Or miss the boat and pay more in 3 years? Don’t be one of those people who said I should have invested then, be the one that takes the first step and invests now. Capital Growth is where the real profits are made and Brisbane is where to make it!
Talk to Chris Pullen Director of Blue Wave Property Strategies for a complete and informative strategy session and find out what you could do. email@example.com or 07 5443 8773.