Experts are predicting that the Brisbane real estate growth is set to continue to 2017.
Towards the end of 2013, the country’s property commentators were forecasting that 2014 was going to be a good year for buyers and existing owners in Brisbane.
Affordability was at its best level since 2002. McGrath Real Estate CEO John McGrath concurred.
“The best place to invest right now is Brisbane. It is the perfect combination of affordable buy-in prices, attractive yields and imminent capital growth.”
Even the banks were forecasting rises with NAB advising that Brisbane looks set to top the list for rising house prices across Australia in 2014.
The good news is that a recent report from BIS Shrapnel has shown we can continue to be confident in the Brisbane market until 2017. BIS Shrapnel were the only property research and advisor who forecast the last Brisbane property boom back in 2000/2001 which proved to be correct.
In their report — Residential Property Prospects, author Angie Zigomanis says that by June 2017 only the Sydney and Brisbane markets were expected to have experienced any growth in house prices in real terms over the previous three years.
“The strongest conditions were forecast for New South Wales and Queensland as both markets had an undersupply of dwellings,” he says. Zigomanis’ positive view is supported by Kim Cannone, CEO of Firstmac. “There is a good deal of optimism in the Brisbane market. Purchaser confidence is strengthening on the back of capital growth rates achieved in 2013 and continuing low interest rates,” he says.
Many developers recognising the under supply and also the changing face of Brisbane inner city—plus the changing aspirations of owner-occupiers, investors and renters— have begun providing styles and standards of accommodation to meet this new demand.
Belise, a $120 million joint venture between Reed Property Group and Group Kildey is one such project. Located in vibrant Bowen Hills it has just commenced construction following 80 per cent of its 228 apartments being sold.
Group Kildey director Graham Kildey says they wanted to create the feeling of a five-star hotel in a location that would take advantage of the stunning skyline and reflect Brisbane’s outdoor lifestyle.
“The building exterior has a chic and modern appearance with the interior offering impressive design elements including a two-storey atrium and high quality, striking finishes throughout,” Kildey says.
Reed Property group managing director Ken Reed says the five-star apartment building will support the growth of the city and its workforce.
According to the independent research by Urbis into the inner city new apartment market, the March quarter resulted in 724 apartments reported as sold, indicating a 26 per cent increase over the same 2013 quarter.
Get on board.