Your Property Your Wealth director and buyer’s agent Daniel Walsh has predicted that Brisbane will “outshine” other capital cities in house price growth over the next decade.
“I believe that Brisbane will be the property winner over the next decade and not because it seems to have ‘missed out’ on growth in the most recent market cycle,” Mr Walsh said.
“The Sunshine State capital has a huge number of economic attributes that will underpin its market, including strong interstate migration, affordability, an ambitious infrastructure program, as well as the second runway at its international airport, which is expected to boost the state economy by billions of dollars alone.”
The Your Property Your Mortgage director went on to cite property investment analyst John Lindeman’s prediction that property prices could surge by as much as 120 per cent by 2028.
Mr Walsh also said that his investor clients have seen their Brisbane holdings increase in value by up to 21 per cent over the last three years, whereas most other capital cities were “flatlining or falling in price”.
“The thing is, there is still so much more room for the Brisbane market to grow, so that is why we will keep buying there strategically because we believe that over the long term it will be leader of the pack,” he said.
The director argued that past performance should not be relied on to predict future results. He singled out Sydney, saying that it was the “poorest performing capital city” between 2000 and 2009 and that this was attributed to Sydney being the most expensive city.
“As we know, its performance from 2010 to 2018 debunked that reasoning, as its property prices soared by more than 80 per cent, and its median house price reached levels that were out of reach for a lot of buyers,” Mr Walsh said.
He added that it’s “no coincidence” that Sydney’s economy was the best performing during that period, followed by Melbourne, where property prices also rose significantly.