Brisbane’s steady growth won’t be going anywhere in 2017, according to Johnson Real Estate Group’s Managing Director, Andrew Trim.
“On the back of price growth and affordability issues in Sydney and an increased investor interest in South-East Queensland, it should be a solid year for property in the greater Brisbane area. Property here still represents excellent value and growth should remain steady,” he says.
“You can still live in a house within 10 minutes of Brisbane CBD for under a million dollars – something unheard of in Sydney or Melbourne”.
“Buyers that are looking to get more bang for their buck should head south-west, especially if you head out further to Ipswich where there are still plenty of properties for under $300,000,” says Mr Trim.
Despite growing fears of a unit oversupply, Mr Trim says the luxury unit market in Brisbane should come out unscathed.
“The top-end unit market, those priced above the one-million-dollar mark, should perform relatively well as oversupply isn’t an issue for this property type. Small units will struggle as demand falls and fails to meet supply,” he explains.
“The oversupply prediction is based on current developments and approvals; however, I predict many unit developments will not come out of the ground. I think some of the current approvals exist for another decade. There is significant fear around buyers foregoing their deposits and not settling,” says Mr Trim.