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10 Brisbane suburbs set to take off in 2016

10 Brisbane suburbs set to take off in 2016

Brisbane’s property market is expected to show improvement in the next 12 months as the lower-priced outer suburbs offer growth potential in what was a subdued market in 2015.

Brisbane’s property market growth is expected to rise by 3-4 per cent of the year, according to a recent 2016 housing prospect report by Domain Group.

The group’s senior economist Andrew Wilson has tipped Brisbane’s outer-northern and outer-southern suburbs to be the highest performers.

Also read: 10 Sydney suburbs set to take off in 2016

“The outer suburbs that offer low medians and good value for buyers should do the best,” he said.

“Areas like Redcliffe, where buyers can still get good value and low medians around $400,000, should do well.

“Particularly in good-value northern suburbs like Everton Park, Taigum and Deception Bay.”

Although 2015 did not reach the growth many expected, Brisbane’s last quarter was its strongest.

“This shows positive signs for next year, as we go into it with some momentum,” he said.

Also read: 10 Melbourne suburbs set to take off in 2016

“I’m expecting Brisbane to have a better year in 2016 than it has had in the past couple of years. I think we’ll see more investors and more buyers taking advantage of low interest rates.”

Ray White Redcliffe agent Andrew Campbell said more investors were being drawn to the area.

“There has not been a lot of growth this year, which has actually been good and attracted a lot of buyer activity,” he said.

“We are also seeing a lot of interstate investors, who often buy without even viewing the property.”

An increase in investment from Sydney and Melbourne is also being felt in the Logan area.

Elders Shailer Park principal Mark Affleck said growth and sales had been good across the board.

“It hasn’t been too disappointing for us here,” he said.

“We have low house prices in Loganholme and Eagleby, so I expect a lot of growth there. And, on top of that, we have a huge amount of investors from down south who are eager to buy, so I’ve been very happy with this year.”

Also read: Australia’s top 10 unemployed suburbs

While low-median outer suburbs are tipped to improve, so too is Brisbane’s prestige market, with inner suburbs Wooloowin, Hamilton and Ascot continuing to rise, buoyed by low interest rates and new developments.

In 2015, Sydney and Melbourne were the clear outperformers, with market growth reaching unprecedented heights in Sydney, and Melbourne returning to some of its strongest prices growth in years. 

However, both are expected to drop back into the pack in 2016.

Canberra, Adelaide and Hobart all performed well throughout the year, while Perth and Darwin slipped as buyer confidence dropped with the mining sector slump.

Top Brisbane suburbs for growth

Deception Bay

Eagleby

Everton Park

Loganholme

Mount Gravatt

Redcliffe

Taigum

Thornlands

Wooloowin

Wynnum

Also read: Eight surprisingly high paid Aussie jobs

Brisbane 2016 forecasts:

Brisbane regions, 4 per cent

Brisbane City, 3 per cent

Redland, 5 per cent

Ipswich, 4 per cent

Logan, 3 per cent

Moreton Bay, 4 per cent

Australia’s 2016 mid-range house price forecasts:

Brisbane, 3 per cent

Sydney, 4 per cent

Melbourne, 5 per cent

Adelaide, 4 per cent

Perth, 2 per cent

Hobart, 4 per cent

Darwin, 3 per cent

Canberra, 4 per cent

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