Market Report - Queensland (July 2008)

Queensland looks set to maintain its position as arguably the nation’s best option for property investors with ongoing population growth and persistent interest from industry.
The south east showed the way in 2007 with 21.15% growth in capital values. While observers have noted some steam escaping from what many felt was an overheating market, the essentials for strong conditions still remain according to property advisory firm Braxton Chase.
“Strong economic fundamentals continue to make Brisbane’s metropolitan area one of the best performing regions in the country,” says executive director Andrew Donnelly.
Continued interstate and overseas migration to Queensland is driving demand with Brisbane’s median house price now at $449,000 after rising 3.81% in the March quarter. Regional centres have also faired well although the 1.21% growth during the same quarter to reflect a median price of $376,000 was far more subdued.
Despite any uncertainties, Braxton Chase believes Queensland is set to maintain its bull run on the back of strong real estate fundamentals.
“Across the Sunshine State, building levels are at their highest rate in over a decade, yet the supply of new housing is still being outstripped by demand to the tune of an estimated 7,000 dwellings a year,” says Donnelly.
The best options for those looking to invest are still in the South East corner, however with affordability an issue for the region, buyers may be most rewarded by looking outside the capital.
“More affordable regions within striking distance of Brisbane such as the North Gold Coast and the entire western Corridor are booming due to increased job creation, new infrastructure and available housing,” notes Donnelly

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