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Queensland brokers have expressed optimism about the future as the state nears an $800 billion landmark.
Figures from RP Data show that the combined value of residential properties in Queensland is now around $790 billion, and will likely pass the $800 billion mark within a year.
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Anton Kardash, CEO of the Real Estate Institute in Queensland, said these figures show a return of confidence, thanks in part to strong price growth and steady housing construction in residential areas.
“Queensland residential housing is more popular than ever with investors, who see an enormous upside as confidence rebounds in the local real estate market,” he said.
“Nationally, the value of residential housing has grown to be worth more than superannuation, listed stocks and commercial real estate combined.”
Mr Kardash also said stronger buyer sentiment and sales activity were helping the Gold Coast and far north Queensland to rebound from the GFC.
DPF Mortgage Specialists director David Pattemore said although Gold Coast house prices have not significantly increased over the past 10 years, many are expecting positive results in the near future.
“A lot of buyers are jumping on board on the basis that things will change over the next five years,” he told The Adviser.
“Especially with the Commonwealth Games coming up in 2018, there’s a lot more optimism on the Gold Coast. There are a lot of people actually buying property on the basis that they will sell it during the games.”
Gus Soper of Cairns Home Loans said that recent population growth and a rise in tourist numbers are good indicators that the Cairns market will pick up over the next few years.
“The outlook is good [and] there seems to be a bit of a push from the state government to get people to regional areas, which is always good,” he said.
“So there are lots of good things pointing to regional areas getting a bit of support.”
