Due to rising population figures, wages and competitive pricing, a rebound of property prices is expected to occur soon.
According to Troy Gunasekera, national manager of Property Club, the Brisbane market is set to rise during financial year 2017-18.
“Brisbane, which is the home to almost half of all Queensland residents, has a population and wage growth rate that is currently higher than the national average according to the latest census figures,” Mr Gunasekera said.
Census data revealed Brisbane’s population has risen over the next five years by nearly 10 per cent to 2.27 million, and the average weekly family income is $1,821, up from the nation average of $1,734.
The data from census also broke down the percentage of occupied properties in the Greater Brisbane area, with 76 per cent being houses, while 10 per cent were semi-detached, row or terrace houses or townhouses, and 12 per cent were flats or apartments.
“Brisbane’s outer fringes were proving the most attractive to new residents, with North Lakes, in Moreton Bay, attracting 72,000 people, an increase of 39 per cent since 2011, making it the fastest growing region in the state,” Mr Gunasekera said.
“Ormeau/Oxenford – between Brisbane and the Gold Coast – was the second fastest growing region with its population growing by 28.7 per cent to 121,000 people.
“Overall, there is currently a great northern migration now underway as families flee the housing affordability crisis to start anew in sunny Queensland.”
This migration Mr Gunasekera described had more than 20,000 people move to the south-east region last year, and is expected to increase through an improving economy and a first home buyer’s grant which can be valued up to $20,000.
“Property prices in Brisbane are currently at the bottom of their current cycle, with property prices in the city Brisbane now at about 40 per cent of Sydney’s, and 70 per cent of Melbourne’s,” Mr Gunasekera said.
“These competitive house prices will lead to further upswing in migration to Brisbane over the coming year, which will be the tipping point between supply and demand in favour of property owners.”