Investors and homeowners in Queensland may notice higher home prices in 2018, driven by job growth and a bigger migrant population, according to CoreLogic head of research Tim Lawless.
Brisbane’s residential property market, in particular, will buck a trend of declining real estate prices in other capital cities. In Townsville, conveyancing activity may increase as more people will decide to list their properties on the market.
Real estate companies also expect the first three months of this year to mark a strong start for home sales. Ray White Queensland, for instance, considers the first quarter to be their best three-month period, according to CEO Tony Warland.
Demand remains steady as well, with up to five buyers placing bids at auctions in Brisbane, Warland said. He advised buyers to keep an eye on the Carina and West End suburbs, due to the good infrastructure and schools. If you plan to sell yet want to increase the value of your house, renovations will be one option.
Cameron Kusher, a CoreLogic senior research analyst, said that migrants from New South Wales and Victoria will be willing to pay a premium for homes in Brisbane. Their willingness to pay extra stems from being accustomed to higher property prices from those states compared to Brisbane.
According to Macquarie Bank, an estimated 130,000 people from Sydney will move to Brisbane by 2021. Their arrival would mean around $8.1 billion of potential housing transactions. This will also be one factor for breaking the record sale price in Queensland for 2017, when the Kangaroo Point home at 1 Leopard Street in Brisbane changed possession for $18.48 million.
Queensland residents that plan to sell their properties should look into the associated expenses of transferring home ownership. This will allow you to determine whether a sale will be profitable in 2018.