BRISBANE is on the cusp of a mini boom with house prices set to “accelerate” over the next three years — outperforming every other capital city, a leading industry player predicts.
In its Australian Housing Outlook 2019-2022, released today, QBE forecasts median house price growth in the Queensland capital to average 6.4 per cent per annum over the next three years, boosted by tourism, an improving economy and affordability.
That’s more than a 19 per cent increase in average growth by 2022, taking the median house price to $660,000.
The QBE report, based on new data provided by BIS Oxford Economics, states that tourism is boosting the economy in Queensland and a decade of modest house price growth has left the market “relatively affordable”.
“With the Queensland economy also forecast to strengthen, residential price growth is forecast
to steadily accelerate through to 2021/22,” the report said.