Figures from the latest REIQ Queensland Market Monitor have shown positive signs for Brisbane as the city closed out 2018 with a median house price growth of 1.1 per cent.
According to REIQ CEO Antonia Mercorella, a rise of this kind for this market means Brisbane is really performing the best out of the three largest capital city property markets. However, she did caution the importance of recognising that the market is slowing.
“A federal election is looming and negative gearing is the sacrificial lamb; combine this with a State Government review of the tenancy legislation and the likelihood that landlords will lose some rights, and investors are understandably questioning the value of property as a wealth-building tool,” Ms Mercorella said.
Despite these challenges, Ms Mercorella still believes the Queensland property market has all the right ingredients to withstand these headwinds, with success ultimately coming down to consumer confidence.
“We have relatively low unemployment, high interstate migration rates, low rental vacancy rates and major, long-term infrastructure projects delivering jobs and improved livability in the southeast corner.
“Restoring consumer confidence and giving buyers access to finance would benefit the market – and the broader Queensland economy – significantly,” Ms Mercorella said.