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Brisbane sets a sustainable pace for property price growth

first_imgCorelogic’s director of research, Tim Lawless, said Brisbane their latest research should bolster confidence in the sustainability of Brisbane house prices.HOUSE price growth is setting in for Brisbane according to market analysts at Corelogic.Corelogic director of research, Tim Lawless, said today’s release of their June Home Value Index, should bolster confidence in detached Brisbane housing, despite a more dire result for units.Mr Lawless said a 0.8 per cent quarterly gain in Brisbane house prices had been offset by a 2.4 per cent drop in attached housing values.“There’s a two speed market for sure happening here in Brisbane.”Mr Lawless said the combined value of all dwellings was up 0.5 per cent for the June Quarter, which is very sustainable.“If you annualise it out, you’re looking at an annual growth rate of about two per cent.“But compared to the other, larger markets were still not seeing Brisbane showing any sort of surge in the pace of capital gains, just not yet anyway, but we are seeing some signs of population growth which is starting to improve from interstate.”Mr Lawless said Brisbane’s affordability advantage will be a catalyst for ongoing demand from interstate buyers.“Our median house price is slightly behind $500,000. That’s $200,000 less than what is in Melbourne and about half of Sydney’s, so I think that’s going to become more and more attractive to buyers in the long run.”More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoCorelogic head of research, Cameron Kusher, said many new residents were looking to South East Queensland’s coastal addresses.Mr Kusher said a lack of job prospects brought in buyers seeking lifestyle over career.“It seems to be a stronger housing market on the Gold and Sunshine Coasts than it is in Brisbane,” he said.“In Brisbane I think ultimately the market is just struggling to really kick because the job story is just not that strong.”Property Search Buyers’ Agency director, Scott McGeever, said he could understand the generally flat overall result given the analysis included our underperforming unit market.Mr McGeever said, however, detached homes within a seven kilometre radius of the CBD are solid.“We’re seeing buyer demand there. Sectors that are doing well will continue to do well.”Mr McGeever said attached housing would continue to struggle, and buyers must drill down into Brisbane’s various real estate sub-sectors to identify the best options.“Moving forward we see house and land to be pretty rock solid within that 10-kilometre radius,” Mr McGeever said.last_img

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