Queensland’s property market is tipped to continue its solid performance through 2018 with predictions prices could grow faster than they did in 2017 according to a recent article published by News Corp.
While southern capitals were expected to experience price drops, after a year of substantial growth, other capital cities, including Brisbane were more likely to experience positive conditions.
CoreLogic head of research Tim Lawless said an improved job market and an increase in migration meant price growth in Brisbane could potentially be higher in 2018.
Ray White Queensland CEO Tony Warland said the start of 2018 would be strong for the property market in South East Queensland.
“November is always our best month for sales and the best quarter is always the three months to March, so it’s the best time to sell,’’ he said.
He said the Brisbane market would fire back up by mid-January, although the Gold Coast and Sunshine Coast markets would be strong the whole time through Christmas and New Year.
Mr Warland described the Queensland market as much more “stable and confident than southern markets”.
“We see at least three to five people bidding at auctions in Brisbane and you can get a genuine picture of what the market confidence is, whereas in Sydney they get upset if they don’t have 15 to 20 people registered to bid, it’s so erratic.’’
Place CEO Damian Hackett said some pockets of the inner city had experienced double digit capital growth of up to nearly 15 per cent, in 2017 and he tipped steady growth to continue.
“Suburbs that are on the cusp of areas that boomed this year will increase in popularity and price, including Cannon Hill, Mount Gravatt East, Lutwyche, Kenmore and surrounds,” he said.
“These areas still offer affordability, easy access to the CBD, local amenities and great school catchments.’’
Mr Hackett predicted more favourable buying conditions for owner occupiers in 2018, particularly those looking to buy for less than $800,000 as a result of decreased competition from investors.
Martin Hood, of RE/MAX Riverside, said 2018 would bring more stock and greater interstate migration which would lift demand.
A recent open for a Corinda property priced at $1 million attracted five serious buyers – all from interstate.
At the affordable end of the market, he said Forest Lake was going strong at the moment.
“I am actually selling a house at Forest Lake at the moment and the inquiry knocks me over,’’ he said.
“I think that people are trying to not overcommit, trying to keep where it is affordable and not get caught out.’’
CFMG Capital have many active projects selling in affordable markets surrounding Brisbane, and maintain a strong focus on acquisition and development in the Brisbane market after the acquisition and launch of 5 projects in South East Queensland in 2017.
Managing Director Scott Watson said that while Sydney and Melbourne have delivered strong results for the group in recent years, the focus for acquisition of projects has been in South East Queensland for the past 18 months as CFMG Capital look to take advantage of the expected growth of Brisbane that traditionally follows high growth periods in the two southern capitals.
“We’ve successfully followed the cycle in recent years with the delivery of two excellent projects in Sydney’s south west and the ongoing delivery of our project The Millstone in the western suburbs of Melbourne that has seen continuous sales and price growth. As both these markets have skyrocketed to a point where the affordability debate has kicked into gear, we shifted our acquisition focus to Brisbane’s more affordable landscape where not just price, but also other economic factors have resulted in huge demand for vacant land sales within a 50km radius of Australia’s 3rd largest city” he said.