This is the fourth in a series about the current state of play in our major property marketsbased on Australian Property Monitors January Housing Market Report.
Today I feature what’s happening in Brisbane property and will cover other states over the next few days.
Here’s what Dr. Andrew Wilson of A.P.M had to say about what’s happening in Brisbane:
The Brisbane housing market continued on its slow but steady recovery though 2013 with the median house price set to increase by up to 5 percent.
Although this will clearly be the best annual result since 2010, Brisbane house prices will, nonetheless, remain around 5 percent below their previous price peaks of over three years ago.
Buyer activity was strongest in the mid-price range, inner and middle ring suburbs to the north, north-east and south-east of Brisbane.
The Brisbane housing market will continue to move solidly though recovery mode in 2014 as the Queensland economy reactivates through a lower dollar environment.
An improved economic performance was evident at the end of 2013 with the local unemployment rate trending down to below those of Sydney and Melbourne where trend unemployment is rising.
Falling unemployment, population growth from southern job seekers, increased house investor activity chasing high yields, rising rents and rising prices together with ongoing perceptions of value buying opportunities in the mid and upper-price ranges will continue to drive the Brisbane market.
Brisbane house prices will increase by 5 to 7 percent in 2014, to finally recover to the previous peak levels of 2010.
As you can see from the following graphics the markets are very fragmented, with certain regions exhibiting significantly more growth than others over the last year…
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