Brisbane property market turning the corner: APM

After a long period of falling dwelling values, Brisbane's property market is showing signs of a turnaround, according to Australian Property Monitors.

"Brisbane has at last give positive indications of turning the corner from what has been a prolonged period of falling house prices," says APM.

"This is despite an underperforming local economy with unemployment rates persistently above 6% due in large part to state government job cuts."

APM predicts that investors will return to Brisbane in 2013 and forecasts house prices in Brisbane to rise from 3% to 5% in the new year. 

"Established inner and middle-suburban housing markets will continue to attract value buyers. High listings in the outer suburbs, particularly to the north, will however continue to place a lid on prices growth in those regions.

"The inner-city apartment market looks particularly promising with Hamilton and New Farm set to continue their renewal and expansion."

Source: APM