Many positive signs indicating the Brisbane property market has bottomed out as seen in early to mid 2013 with a general 17% upswing forecast over the next 3 years.
Conditions to strengthen the residential property market are evident projecting a broad based market recovery on the way.
The Brisbane real estate housing market is currently witnessing many positive signs with an increased demand for sub $700k inner city housing market and stock availability in this bracket becoming increasingly unavailable. There is also an increased demand in the tightly held inner city housing market ranged $1mil to $2mil.
Inner City stock is dominating the outlook for the remainder of 2015/16 according to Brisbane real estate agents. With some price increases in some housing markets but concentrated in the 5km to 10km radius from Brisbane CBD and to a lesser degree the further out one goes. Potential for oversupply of apartments in the Brisbane CBD with middle and outer rings registering adequate to under supply of dwellings.
Outlying areas are experiencing an increased demand based on affordability resulting in less time on the market. The second hand unit market is stable at present with some concern around supply and demand in certain outlying pockets of SEQ.
Current interest in new developments remains strong and most developments continue to sell well throughout the construction period. House and Land in SEQ still in high demand for buyers wanting a block of land and a home as opposed to a Unit closer into Brisbane.
There is a possible oversupply in Brisbane CBD in the Unit Market, buyers need to be aware. Although the recent announcement of Queens Wharf will attract 6,000 new jobs on the doorstep of the city and 3,000 permanent jobs at completion which could take up a large slice of the oversupply in the coming years.
What is currently driving the inner Brisbane residential market are low interest rates, confidence in the government and low unemployment.
More on Brisbane, next Capital City for capital growth hereTags: Brisbane, Brisbane next city for Capital Growth, Brisbane Property Market, Brisbane Residential Property Update