Researchers BIS Shrapnel say Brisbane, Sydney and Perth will lead the nation for capital growth over the next three years, forecasting median house prices in the Sunshine State’s capital to rise 5% per annum.
They’ve released their Residential Property Prospects 2011-2014, tipping Brisbane to reach a median of $505,000 by mid 2014. They point to an undersupply of dwellings and the tightening of rental stock levels as strong indicators of growth. For Brisbane property owners the resources boom may be finally starting to benefit us:
“With economic conditions and income growth to be strongest in Western Australia and Queensland (and to a lesser extent New South Wales), this should underpin moderate price rises averaging 5% to 6% per annum in the three years to June 2014.”