Brisbane Tipped To Take Off
With all the negative hype surrounding the Queensland property market at the moment it was nice to see a fresh and positive report from Place Estate Agents, even more nice was that they backed the report with their research!
Smart Property Investment reported today – Brisbane’s property market is offering strong potential to investors according to a report by Place Estate Agents.
Lachlan Walker, Place Estate Agents researcher, said Brisbane’s affordable pricing, comparative to other east coast capitals, was one factor expected to drive interest in the city’s market.
Certainly, yesterday’s figures from Australian Property Monitors showed Brisbane is now the most affordable mainland capital city, with a median house price of $448,669.
This compares to median prices of $643,713 in Sydney and $563,397 in Melbourne.
In addition to affordable prices, Mr Walker said yields in Brisbane, particularly apartments, were also attractive.
“Brisbane apartments are currently able to provide between 5 and 6 per cent return on investment given its increasing undersupply.”
I couldn’t agree more, yes Brisbane has had a large boom in recent years that has boosted our property pricing substantially (I remember buying my first property for $86,000) however, you must remember that we have lagged behind our sister states, VIC NSW, for some time and this boom has merely edged us closer to equal grounds … I say closer because we still have a long way to go before our property pricing and our wages catch up!
Property in my mind, is always a good buy, however, the market would warn that those looking to buy now should consider this a long term investment, flipping your property will have a lag time, I would plan on holding for at least 7 – 11 years to ensure you get your moneys worth!
On a final note, now really is a great time to buy as there are many leading economists, property researchers and historical fact finders backing up the notion that Brisbane is in for an upswing soon and buying now could possibly save you thousands on your piece of Australia!
Article source: http://mypropertypulse.wordpress.com/2011/04/29/brisbane-tipped-to-take-off/