The latest findings by BIS Oxford Economics (of which forecasts Brisbane’s median house price to increase by 20 per cent over the coming 3 years), as well as data released by Select Residential Property predicts median house prices in the listed Brisbane suburbs will rise between 23 and 25 per cent over the next three-year period.
It has been suggested, by Select Residential Property, the following 10 Brisbane suburbs to expect the growth:
· Red Hill
· Mount Gravatt
· Arana Hills
· Rochedale South
· Chermside West
· Holland Park
What does it mean for you as a property owner?
Specifically, for Brisbane’s market, inner-city suburbs Red Hill and Keperra which is located nine kilometres northwest of Brisbane CBD topped the list. The attraction comes from the more affordable housing options, serviceability and the potential of gain with a well-executed renovation.
Sheppard comments, that median house prices could potentially increase by about $215,000 and $130,000 respectively for the period.
Red Hill, which has a current median house price of $851,01, which with the above mentioned forecast tipped, could potentially see the new median prices sit sweetly in the vicinity of $1,065,472.
Whilst Kepperra, with a median house price of $535,195 currently, has the potential forecast of growth to a median price of $666,318, pending the work put into the home if renovating. In the instance of no work, there is still a nice gain for little to no work.
The below table references all 10 tipped suburbs with the highest growth: