Relieved property experts in the sector are optimistic about the future growth of the industry after residential values appear to have dodged a bullet in the repercussions of the global financial crisis. Property prices seem to have seen the worst times behind them and are predicted to fair
But Brisbane-based property researcher Michael Matusik has gone against popular opinion and suggests that property developers should be cautious. He is saying that there are currently enough homes being built to meet the demand and that could even lead to an overbuild if current building trends continue.
He said increased migration abroad had not resulted in as great demand as expected, due in part to the big house arrangements.
RPData researcher Cameron Kusher is more optimistic than many commentators and predicted that the property market will see 7 to 8 per cent growth next year in Brisbane. He cited the availability of financing as the wildcard that could affect how many property investors enter the market. He predicted that many investors will be looking to buy old property stocks which were in need of renovation.
“The best-performing suburbs are those near transportation and schools, including Coopers Plains, Keperra and areas that were still affordable,” he said. BIS Shrapnel senior project manager of residential property Angie Zigomanis expects a growth of about 5 to 6 per cent in residential property established for next year. “Over the next two or three years, I think you’ll find interest rates will keep edging slowly upward and will keep the lid on the massive growth of double-digit price, we saw before, “he said.
Ray White property chairman Brian White says Australia has avoided a substantial decline in property prices. “Each of us seem to have forgotten the anguish of the four or five months of the year and have been trying to understand how on earth the year ended so strongly, “said White. He predicted growth of 5 percent for next year.
With so many positive predictions being forecasted by the property experts, it seems like the