After several years in the doldrums following the GFC and resource industry downturn, South East Queensland’s economy may well be turning the corner.
With massive infrastructure spending announced in the latest state budget, and the ongoing recovery of the resources industries, economic growth is predicted to accelerate from 2.5% in FY17 to 3% by FY19.
And when the economy grows, the housing market usually goes along for the ride.
As a result, economic forecaster, BIS Oxford Economics suggests Brisbane will lead the capitals, with 13% property price growth predicted by 2021.
While Brisbane remains a desirable destination, many southern migrants are showing a preference for beachside neighbours, Gold Coast and Sunshine Coast, putting further upward pressure on property values.
This has resulted in higher growth in the regions, with house prices rising 7.7% on the Gold Coast and 5.9% on the Sunshine Coast compared to 2.6% in Brisbane over the 12 months to March 2018, according to REIQ figures.
Although only time will tell, with our enviable climate, access to stunning beaches and hinterland, strong economic and job growth prospects, and affordable property prices, there’s a level of confidence coming back into the market that hasn’t been seen for some time.
If you’re in the market for property finance, please give me a call on 0403 771 754 for a no-obligation chat about your requirements. I’m sure I can find a competitive deal, and as always, my service is at no cost to you.