Prosper Group, leading property Buyers Agent snapshots the Brisbane property market and identifies buying opportunities.
Queensland’s population grew by 90,500 in 2007. International immigrants represented 33,500 of this total.
17,887 new dwellings were approved in 2007, which will do little to cater for the increasing demand.
Brisbane’s affordability levels are almost on par with NSW as loan repayments account for around 38% of the average family income. Three years ago the proportion in Brisbane was 28%, whereas NSW remains unchanged over this period. Further deterioration of affordability in Brisbane is expected due to the recent rate hikes.
Brisbane rental growth was 11.5% in 2007 and is likely to be around 10% in 2008 as there will be little relief in vacancies which is around 1.6%.
Rental growth in Brisbane has averaged almost 9% per annum since march 2005.
Prosper Group, leading property Buyers Agent snapshots the Brisbane property market and identifies buying opportunities.
Queensland’s population grew by 90,500 in 2007. International immigrants represented 33,500 of this total.
17,887 new dwellings were approved in 2007, which will do little to cater for the increasing demand.
Brisbane’s affordability levels are almost on par with NSW as loan repayments account for around 38% of the average family income. Three years ago the proportion in Brisbane was 28%, whereas NSW remains unchanged over this period. Further deterioration of affordability in Brisbane is expected due to the recent rate hikes.
Brisbane rental growth was 11.5% in 2007 and is likely to be around 10% in 2008 as there will be little relief in vacancies which is around 1.6%.
Rental growth in Brisbane has averaged almost 9% per annum since march 2005.
Brisbane median house price growth in 2007 was a surprising 16.5% underpinned by strong population growth and strong economic conditions. Price growth in 2008 should be around inflation, as an average.
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Opportunities:
Buyers agent, Prosper Group advise that when considering property investment opportunities in this market, investors should still adhere to the fundamental criteria of property selection. The property should be well located and have good position, have some scarcity value (not in high rise apartment blocks) and also have some opportunity to add some value to the property or increase the yield.
Motivated vendors who have high levels of debt are currently discounting stock to off load it and some properties are being sold up to 10% - 15% below previous valuations.
Opportunities exist for investors to buy well and lock in equity as well as cash in on rising rental yields.
Opportunities exist for homebuyers looking to enter the property market as some properties may be bought below replacement value. Many areas are discounting at present, so it may be a good time to buy and stop paying increasing rents.
Being a buyers agent we are frequently coming accross motivated vendors and as such are continuing to secure great deals for our clients.
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