Queensland owner occupiers are set to enjoy a year of consistent home value rises as our property market continues to defy national trends of falling prices and deliver good capital growth.
Solid economic fundamentals have positioned many of Queensland’s residential real estate markets for a good year ahead, with steady demand growth forecast due to rising population, improving employment rates and better lending conditions.
REIQ CEO Antonia Mercorella said many experts agreed that many of the Sunshine State’s property markets were in an enviable position.
“Our housing market has proven to be resilient to the headwinds that have slowed the Sydney and Melbourne markets so drastically.
“The last quarter delivered strong growth in many markets, including Greater Brisbane, which grew by 2.3 per cent to $525,000.
“The Sunshine Coast stormed home at the end of last year with 6.3 per cent growth in median house prices. This is extraordinary growth and testament to the enviable lifestyle on offer in this highly desirable part of the world,” Ms Mercorella said.
Listings are down at the moment, with some experts reporting a 10 per cent fall in stock levels in Brisbane in November and December last year. Also, building approvals continue to slide, indicating limited supply in the pipeline. These factors will combine to contribute to upward pressure on prices unless more stock comes on the market in 2019.
It also looks like it will be a good year for apartment owners.
“We know that some experts have recently forecast strong growth in Greater Brisbane’s apartment market, with CoreLogic’s Tim Lawless predicting strong growth due to positive net migration rates.
“Apartment supply has slowed significantly, with only around 5000 apartments due for completion this year, compared with almost 11,000 just a couple of years ago. This means demand will continue to rise and will contribute to meaningful price growth,” Ms Mercorella said.
“We are increasingly embracing apartment living and so it makes sense that this sector of the market is poised for strong growth in 2019,” she said.
Census data from 2016 reveals that 228,243 families live in an apartment, unit or townhouse, up by 10.2 per cent from 2011, according to demographic analysts, .id. About 6.3 per cent of families live in an apartment.
Census data also reveals that over the past decade, Queensland’s interstate migration grew by a net figure of 11,000 a year, on average.
“Queensland offers undeniable affordability and a fantastic climate and this is why our population is growing as residents from the southern states opt for a better lifestyle here,” Ms Mercorella said.
“Anecdotal evidence from our agents suggests that we are seeing property buyers moving here from interstate, lured by the greater bang-for-buck proposition that is presented by our real estate,” Ms Mercorella said.
“Quite simply, your real estate dollar goes further in Queensland,” she said.
REIQ Media and Communications Manager
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