Brisbane’s property market is tipped to continue its steady growth in 2018

 

PROPERTY price growth in Brisbane was subdued toward the end of the year, but expectations are for a positive 2018.

 

The latest CoreLogic property value index revealed no change to Brisbane dwelling values in December and just 0.3 per cent growth in the last quarter of the year.

 

Total growth for 2017 was 2.4 per cent, with the house market, accounting for 3.1 per cent of growth and units down 1.2 per cent.

 

CoreLogic head of research Tim Lawless said the performance between Brisbane house and unit market was “stark’’.

 

“The decline in unit values can be attributed to concerns around over supply in key sectors of the Brisbane market,’’ he said.

 

Mr Lawless said the overall message in the Brisbane was “steady as she goes”.

 

“You can see a pretty stark difference between houses and units in Brisbane, I think the unit oversupply does seem to be more pronounced in Brisbane than in other cities and that is leading to some caution amongst buyers, particularly investors,’’ he said.

 

Mr Lawless said he had “reasonably positive expectations’’ for Brisbane.

 

“Not that we think it is going to be another Sydney in terms of its growth rates hitting the 20 per cent mark or anything, but the fact is we are seeing the population growth improving across southeast Queensland with some jobs growth improving.

 

“We are seeing affordability as nowhere near as high a hurdle as Sydney and Melbourne.

 

“I think there are some factors that will help to keep a pretty decent floor under Brisbane pricing and maybe see a rate of growth pick up a little bit from here in 2018.’’

 

Sources: realestate.com.au