One popular capital city property market is expected to see a boost in values, signalling a market turn-around is finally on the horizon.
Despite Brisbane’s overall weakened market over the last few years, CoreLogic’s Australian Home Value Index has forecast a 6.5 per cent rise in apartment values in Brisbane, which Darren Piper of Universal Buyers Agents claimed was a sign that property buyers needed to watch.
“After so much doom and gloom we’re already seeing a huge uplift in the amount of enquiries we receive for Brisbane,” Mr Piper said.
“But Brisbane’s more affordable market puts property buying squarely in the reach of first-home buyers, investors and people looking for a location change.”
By the end of this year, apartment values in Queensland’s capital are expected to rise 0.8 of a percentage point, following a decline of 2.9 per cent.
“We’re seeing a lot of buyers attracted by the lifestyle, great schools, weather and prices of course,” Mr Piper said.
“There’s also a renewed confidence in the market so we’re seeing more people upgrading, that we haven’t seen for the last 12 months.
“They’re more confident that their home will sell and see the opportunities elsewhere in the market.”
These comments follow My Housing Market’s Dr Andrew Wilson’s appearance on the Smart Property Investment Show, where he saw Brisbane as the top performing capital city in terms of growth prospects.
“Overall, it has a strong local economy with a lifestyle and affordability advantage,” Dr Wilson said.
“We’re only talking a rise of about one to two per cent because we don’t have the low interest rate driver and incomes remain flat.
“But there’s no doubt that the Brisbane market is pushing ahead with more demand than supply.”