The city of Brisbane in Queensland, Australia is looking for continued growth in real estate prices, according to recent news reports from Australia. International real estate investors have been very interested in this area, with its great beaches and attractive tourism potential. The Brisbane Times and Australian Property Monitors recently reported that the median home price will be up over $400,000 AUD, and could possibly come close to $500,000 by the end of 2008.
APM General Manager Michael McNamara said that all the indicators for the Brisbane area were going strong. “Another year of 17 per cent growth in the market will see Brisbane house prices up towards the $500,000 mark,” Mr McNamara said.
While a strong 2008 is expected, it might lead to a slowing in the growth rate as well. But prices aren’t expected to fall anytime soon. “The only way we would see a decrease in prices is if there was a combination of dramatic rises in interest rates and unemployment.
Those two scenarios don’t seem to be on the cards, even though there are interest rate pressures.”
The Brisbane area has long lagged behind Sydney in terms of housing prices, but the boom in the north is closing the gap. Sydney has recently had a good run up in prices, but it has showed signs of slowing while Brisbane continues to gain. It’s a great time to own property in Queensland and 2008 looks to be a good year for real estate investors.
