Brisbane is tipped to have the strongest property market in Australia in the next few years.
Recent figures released by the Real Estate Institute of Queensland has revealed the Sunshine State capital has welcomed its first $2 million suburb.
The March quarter saw median house prices in Teneriffe rise to $2.075 million, while a record 15 Brisbane suburbs rose to million-dollar status.
House prices annually have grown 4 per cent in Brisbane, taking the annual median to $650,000.
Darren said the Brisbane house market had once again proven itself to be a solid performer.
“This market consistently performs well for property owners, while maintaining its affordable status,” she said.
“Brisbane now has its first $2 million suburb with Teneriffe, but compare this with Sydney, which has more than a dozen, possibly up to 14 suburbs with a median house price of $2 million or more.”
However, leading real estate industry figure John McGrath said Brisbane would soon start to catch up to its southern rivals, Sydney and Melbourne.
Darren Piper described the Brisbane market as “undervalued”
“We think Southeast Queensland, and Brisbane is a focal point, is going to be one of the strongest markets in Australia,” he said.
“We think it is going to be the strongest market in Australia for the next three to five years.
Universal Buyers Agents director Darren Piper says the Brisbane property market is strong, compared to other major cities.
“One-bedroom units in Sydney are selling for $850,000 to $900,000, you can buy better property with more upside in Brisbane for half that,” he says.
“Brisbane delivers the strongest returns for investors with rental yields of 4.1 per cent for house and 5.2 per cent for units, higher than Sydney, 2.8 per cent and 3.7 per cent and Melbourne, 2.6 per cent and 4.2 per cent.”