The Brisbane
property market increased by 7.9 per cent in 2009 according
to figures released by RP Data and Rismark International.
While this lagged, the national capital city average
of 11.5 per cent*, the outlook is that the growth should
continue through 2010. In terms of property investment,
Brisbane is well placed given that its recent market
growth has lagged that of Melbourne and Sydney.
The Queensland economy was hit harder than most states
due to its exposure to tourism, construction and resources.
However, a solid recovery is underway thanks to the
boom in exports to China. Interstate migration towards
Queensland remains very strong, and tourism is picking
up thanks to the relatively mild impact of the slowdown
on Australia, where business confidence and consumer
confidence are showing very positive trends.
As a further support of property investment, Brisbane
is perfectly positioned to benefit from the continued
growth in the south east of the state, largely driven
by interstate migration for reasons of lifestyle, weather
and property affordability. There are also major infrastructure
projects in process, further supporting investment
and jobs.
The continued demand for new housing to accommodate
local growth as well as new arrivals, means that property
investors can look forward to higher rents through
2010 as availability tightens.
Brisbane property is more affordable than either Sydney
or Melbourne, with the median house price being $463,000,
and units $383,600. However, the relative prices in
the Queensland context have pushed housing affordability
further away from aspiring homeowners, which will further
support Brisbane investment property as rentals increase
in parallel with property prices.
Overall, Brisbane property is well positioned to continue
its upward march as the state economy continues to
improve, and as the traditional Queensland drawcards
of lifestyle, relative affordability, and jobs kick
into play.
*Data source in this posting: RP Data and Rismark International.
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