NAB quarterly survey forecasts Brisbane to have nation’s fastest house price growth in next year
THINGS are going up and up for the Brisbane property market, with new forecasts tipping the Queensland capital’s residential price values to strengthen over the coming year.
The National Australia Bank’s June Quarter Australian Residential Property Survey tipped Queensland for the fastest house price growth over the next year (2.3 per cent), with Victoria the closest rival at 2.1 per cent.
Queensland was also expected to lead the country in capital gains over two years (3.1 per cent), the survey said.
“Queensland is the only state expecting strong demand for all types of established property next year,” according to NAB chief economist Alan Oster.
Queensland is expected to lead the country in capital gains over the next two years.
For investors, there was good news, with rental growth expected to be strong here despite pressures in other parts of the country.
“Lower income returns are forecast for all states in the next one to two years, with New South Wales and Queensland expected to provide the best returns and WA the worst.”
The forecasts come as local buyers became a lot more active in the new housing market, with the overall share of foreign buyers dropping from a high of 13.9 per cent in the first quarter to 10.2 per cent in the three months to the end of June.
Queensland experienced a sharp pull-back of foreign buyers in the June quarter, Mr Oster found, coming in at just 5.7 per cent, compared to 17 per cent in Victoria.
“Local investors continue to play a key role in the market (25 per cent of all buyers), with investment activity highest in Queensland (29 per cent) and NSW (28 per cent),” he said.
