SQM Research’s Housing Boom and Bust Report for 2020 forecasts an increase in Brisbane home prices of between 3% and 7%, a recovery from the sluggish growth recorded in the first half of 2019, The Courier Mail reports.
SQM Research managing director Louis Christopher said Brisbane’s improving economic outlook and recovery in mining investment was set to benefit the housing market.
There is also an anticipation of a recovery in Brisbane’s rental market in 2020, with rents forecast to increase between 3% and 5%, according to Mr. Christopher.
From an investment perspective, Mr. Christopher said Brisbane’s eastern suburbs were most likely to outperform. Vacancy rates are consistently falling and this has made Brisbane a landlord’s market.
Meanwhile, Westpac has a similiar optimistic outlook regarding the housing market. They believe the Queensland capital will see 8% increases next year, above the 6% forecasted for Sydney and Melbourne.
“Momentum heading into 2020 is clearly positive, albeit uneven across markets,” Westpac advised.
Richard Wakelin in the Australian Financial Review writes Canberra and Brisbane will deliver a 6% to 8% price rise for the year.