Brisbane to outshine with 17% growth over next three years: QBE

Brisbane to outshine with 17% growth over next three years: QBE
Brisbane to outshine with 17% growth over next three years: QBE

The QBE Australian Housing Outlook 2014 expects Brisbane to outperform the other capital cities over the next three years, tipping 17% median house price growth on the back of a supply deficiency that will remain over that time.

The forecasts are from research house BIS Shrapnel.

Sydney’s forecast growth from BIS Shrapnel is 9% over the period, while Melbourne is expected to see 5% growth. Adelaide and Hobart are forecasted to see 6% and 5% growth respectively.

Perth can expect a 2% decline over the three years, while Canberra and Darwin will remain stable at 1% and 2% growth.

This will bring Brisbane’s median price to $550,000 by 2017, with Sydney still far surpassing other capital cities at $885,000.

The forecasts expect drops in 2017 for both Melbourne and Sydney, of 0.7% and 3.3% respectively, dropping Sydney down from a median house price high of $915,000 in 2016.

Brisbane will see strong growth of 7.4% next year, almost matched by Sydney’s suggested 7.2% growth. This slowly drops off in Sydney, but continues surging, with Brisbane expecting to record 7.5% growth in 2016 before a further 1.3% in 2017.

Brisbane to outshine with 17% growth over next three years: QBE

Data source: REIA. Forecast source: BIS Shrapnel

 

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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Brisbane

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