BRISBANE is tipped to have the strongest property price growth during 2016, with inner city suburbs leading the charge.
The latest NAB Residential Property Survey predicts Brisbane will experience property price growth of about 3 per cent this year, well above the national average of 1 per cent.
The report also surveyed industry professionals about what they thought would happen in the market and they believed Queensland would lead the country for capital growth in the next one to two years.
The report also identified Queensland suburbs it believed were in for above average price growth this year.
The list was dominated by suburbs close to the Brisbane CBD and on the Gold Coast.
The suburbs were; Brisbane, Bulimba, Coomera, Gold Coast, Lutwyche, Mermaid Beach, New Farm, Springfield, Teneriffe and West End.
Place New Farm agent Aaron Woolard was not surprised to find New Farm on the list.
He said they had a waiting list of people wanting to buy into the suburb.
“We have a whole list of buyers who only want to buy in New Farm,’’ he said.
Mr Woolard said while other nearby suburbs had experienced a slow down in price growth New Farm had continued to perform well.
“I think New Farm is one of a kind.’’
He said nearby suburbs were undergoing a lot of development so you could never be sure how they would end up, while New Farm was really fully developed.
According to CoreLogic RP Data figures the median house price in New Farm has increased by 7.2 per cent in the past year compared to 4.3 per cent for Brisbane.
Nathan Sticklen has long believed in the strength of the New Farm property market.
He was living in Bulimba when he decided to buy a property in New Farm and subdivide a block and redevelop it, he also bought and moved to New Farm at the same time and won’t be leaving the area.
“I only see significant upside in New Farm,’’ he said.
Mr Sticklen is now selling one of the properties he built at 116 Harcourt Street, New Farm for offers over $1.55 million.
“They call it a peninsula there, we love living there, we live in a fairly nice house, but there is every property type you can imagine.’’
The report also said foreign buyers would most likely be less active in Australia, except for in Queensland.
Last year 14.6 per cent of foreign buyers in Queensland purchased apartments valued between $1 million and $2 million while 72 per cent bought houses valued less than $1 million.
The report found nationally the market had already started to cool
Sydney’s days of big gains eased with NAB predicting it’s growth will be only 0.6 per cent this year and Melbourne will be about 2 per cent.
“The Adelaide market is not expected to improve much in 2016 – an increase of 0.2 per cent roughly offsetting a similar fall in prices in 2015,’’ the report said.
“Perth will remain very weak as prices decline by another 3 per cent.’’
Apartments prices are tipped to drop in most capital cities this year.
“Our overall assessment is that the possibility of a more severe correction in the Australian housing market is still remote, although the risks have escalated over the past six months.
Radiographer Brett La Caze and his wife Margie have just bought a four-storey five-bedroom contemporary home in Bulimba.
“I am really glad to hear that capital gain is expected because where we moved from there is none,” said Mr La Caze, who has just sold their waterfront home in Raby Bay.
“We have only just moved to be closer to our kids’ schools, so this is music to my ears to hear Bulimba is set for more growth.
“We swapped a bigger block for a very modern home, with lots of storage.”
Ray White Bulimba sales agent Tanya Douglas said Bulimba was one of those places you could easily move to and never leave.
“Oxford Street pulses during the day, with fashion houses, eclectic boutiques and chic cafes, it’s also a great place to visit and explore,” she said.
“Bulimba is popular for all the right reasons and combines village charm with contemporary elegance. The suburb is home to classic Queenslanders, contemporary homes, luxury properties and apartments. I may be biased, but there are just so many reasons to call Bulimba home.
“It’s a self contained suburb and appeals to young families, professionals and those wanting something quieter.
“It has some great parks which are very popular with the locals and tucked away from the major roads, so it’s easy to feel like your on holidays if you happen to live here.”
“I am really glad to hear that capital gain is expected because where we moved from there is none,” said Mr La Caze, who has just sold their waterfront home in Raby Bay.
“We have only just moved to be closer to our kids’ schools, so this is music to my ears to hear Bulimba is set for more growth.
“We swapped a bigger block for a very modern home, with lots of storage.”
Ray White Bulimba sales agent Tanya Douglas said Bulimba was one of those places you could easily move to and never leave.
“Oxford Street pulses during the day, with fashion houses, eclectic boutiques and chic cafes, it’s also a great place to visit and explore,” she said.
“Bulimba is popular for all the right reasons and combines village charm with contemporary elegance. The suburb is home to classic Queenslanders, contemporary homes, luxury properties and apartments. I may be biased, but there are just so many reasons to call Bulimba home.
“It’s a self contained suburb and appeals to young families, professionals and those wanting something quieter.
“It has some great parks which are very popular with the locals and tucked away from the major roads, so it’s easy to feel like your on holidays if you happen to live here.”
Original Publish: http://www.couriermail.com.au/
