John McGrath, an 'expert' from one of our favourite broker information chanels, www.switzerbroker.com.au, has come out with a catchy line in his latest blog on 29th Jan, 2014, stating that although Sydney has been doing very well, "the strongest market over the next three years is likely to be South-East Queensland. "
Now that's what we like to hear!
So, what is his reasoning behind such a statement?
Mr McGrath goes on to talk a lot about the Sydney market, before stating that, "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."
Mr McGrath also talks about the median house price in Brisbane, still being so much cheaper than Sydney. His expectation is that, "eventually people are going to start taking advantage of that, either by moving there or investing there."
Not really news to those of us who have already taken the plunge and are residing or investing in the sunshine state, but the growth statistics tend to make things seem even more appealing.
- 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.
- In 2013, Brisbane house prices up 5.3% and apartment prices up 3.5%.
RP Data also provides joint Brisbane-Gold Coast data showing a 4.9% growth in house prices and 2% in apartments.
In short, according to Mr McGrath, "we ain’t seen nothing yet! We’re just at the beginning of the recovery".
Sounds good to us.
If you would like to take advantage of the recovery, call us today and we'll get you started.
For a link to the full article, click here.
(Image courtesy of nexthotspot.com.au as at 03/02/2014)