Government ‘pleased’ with property price growth
The government said it is not concerned about the RBA’s warning that the financial system could be rocked if there’s...
The recent revelation that Brisbane is set to benefit from bumper boosts to property values across 2020 and 2021 could kickstart continued value growth through to 2025, according to a real estate general manager.
Raine & Horne Group general manager Steve Worrad has outlined how Brisbane will record some of the most significant house price rises in Australia over the next two years.
Citing the recently released Domain Property Price Forecasts – February 2020 report, Mr Worrad noted the State’s capital city is expected to see 8 per cent growth in property values in the next 12 months, followed by an additional 7 to 9 per cent boost before the end of 2021.
Rising confidence, low interest rates and interstate migration have been credited as reasons for the price growth.
Acknowledging this as “excellent news” for current home owners, the general manager said for anyone considering buying a new property, “I’d be making a beeline for the closest open home right now”.
He has predicted Brisbane’s affordability in comparison to prices in the more southern states as proving a factor in the city’s long-term demand and growth, but also noted that there’s more to Brisbane than just its affordability.
“The city is ideally located between the magnificent beaches of the Gold Coast and the Sunshine Coast,” he flagged.
Praising Brisbane’s high-class universities and hospitals, Mr Worrad also noted major international services as operating to and from the city’s airport.
“The city has come of age culturally too with world-class bars, eateries and cafés, which are the equal of those found in other capital cities,” he added.
These factors, combined with improving jobs growth, will underpin real estate growth in Brisbane, the general manager commented.
“Not just for the next two years but at least as far into the future as 2025,” he concluded.