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A huge jump in house prices in Brisbane is being predicted as Australia’s market approaches rock bottom.
BIS Oxford Economics has forecast house prices in Brisbane will increase by 20 per cent over the coming three years, but prices in other areas of Australia will rise more slowly.
The Residential Property Prospects 2019 to 2022 report released today found signs of improvement in the outlook for the residential market but said continued lending restrictions and high levels of construction in recent years would keep price growth low.
Brisbane is one exception, with growth expected to be driven by high interstate migration and the affordability of its properties compared with other capitals.
The increase to house prices in the Queensland capital is expected be modest in 2019/2020 but will pick up the following year. It’s a different story for apartment prices, with rises expected to be lower at 14 per cent.
Brisbane’s growth will outstrip other capitals including Adelaide, where house prices are expected to rise by 11 per cent, and Canberra, which is forecast to rise by 10 per cent.
