Monday, August 11, 2008
That’s the front cover headline of the September 2008 issue of Your Investment Property magazine. BIS Shrapnel predicts Brisbane will grow faster than any other capital city with the median house price to jump from the current $422,000 to $515,000 by June 2011. That’s a huge 22% increase in just 3 years!Underpinning this strong growth forecast are several key factors:
• supply and demand – last year 90,000 people migrated to Queensland from interstate and overseas. Approximately 44,000 new dwellings need to be built next year to accommodate this rapid growth, however, only 33,000 are expected to be constructed, resulting in a shortfall of 11,000 new homes
• higher rental yields – rents have risen 15-20% during the past 12 months. Independent property analyst Michael Matusik predicts rents will rise by a further 17% in the next 18 months
• lower interest rates – we should see the first official rate cut in a month or two, with several more reductions to follow during the next two years
The bottom line is that regardless of whether you are buying as an Owner-Occupier or Investor, now is the time to secure your next property before prices take off again!