Brisbane property market turning the corner: APM
After a long period of falling dwelling values, Brisbane’s property market is showing signs of a turnaround, according to Australian Property Monitors.
"Brisbane has at last give positive indications of turning the corner from what has been a prolonged period of falling house prices," says APM.
"This is despite an underperforming local economy with unemployment rates persistently above 6% due in large part to state government job cuts."
APM predicts that investors will return to Brisbane in 2013 and forecasts house prices in Brisbane to rise from 3% to 5% in the new year.
"Established inner and middle-suburban housing markets will continue to attract value buyers. High listings in the outer suburbs, particularly to the north, will however continue to place a lid on prices growth in those regions.
"The inner-city apartment market looks particularly promising with Hamilton and New Farm set to continue their renewal and expansion."