Friday, February 07 2014
Leading agent John McGrath has forecasted that the strongest east coast market over the next three years was likely to be south-east Queensland.
"The market I am really excited about is south-east Queensland."
"Prices in Brisbane and the Gold Coast are still below pre-GFC levels, while Sydney is about 10% above now, so there is a greater likelihood of better capital growth in the sunshine state over the next few years."
Currently, the median house price in Brisbane is $470,000 whereas Sydney is $775,000. Brisbane’s median apartment price is $383,000 compared to $557,000 in Sydney.
RP Data also provides joint Brisbane-Gold Coast data showing a 4.9% growth in house prices and 2% in apartments.
McGrath says a "phenomenal spring season" in Sydney last year, I was expecting another good year for Sydney," but the strongest market over the next three years is likely to be south-east Queensland.
"In short, we ain’t seen nothing yet! We’re just at the beginning of the recovery." McGrath suggests of south-east Queensland.