Property prices in Brisbane are expected to rise by up to 20 percent in coming years as buyers from Sydney and Melbourne enter the local market, a prominent real estate figure said.
Speaking to The Courier Mail, John McGrath said Brisbane’s just over halfway in its property cycle meaning local investors stand to benefit from the slowdown affecting southern states.
“There have been huge capital gains in Sydney and Melbourne and not only has it made it unaffordable, it’s certainly made people look for better value elsewhere in Australia,” he said.
Research stated that Brisbane’s average property price was in some cases half of what Sydneysiders and Melbournians are paying, which demonstrates great affordability.
Mr McGrath said notable upcoming developments and the fact southerners were being priced out of their local markets would be driving forces behind Brisbane’s predicted growth.
“There’s no doubt in my mind there will continue to be growth in south-east Queensland,” he said.
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