Which Australian Property Markets are Performing the Best?
There is a shift happening in Australian property markets and industry analysis group, BIS Oxford Economics, predict the cities that will perform and the ones that won’t during the next three years.
The independent industry analysis and forecast company, BIS Oxford Economics has released their findings around which Australian’s cities are slated to perform the best in the coming years. The report reaffirmed media speculation that Sydney and Melbourne are slowing down – although Melbourne is expected to fare better than Sydney – but the report also indicates that Brisbane, Perth and Canberra are on the up.
Brisbane is said to see the highest growth, jumping 13 per cent over the next three years. And although Brisbane has had a setback due to apartment oversupply, the Brisbane property market is turning around as out-of-state buyers look to Queensland, in particular the Sunshine Coast, for a more affordable lifestyle.
BIS Oxford Economics also state that Canberra and Perth are set to grow by 10 per cent by 2021. Canberra remains an attractive market for its affordable lifestyle, while Perth will only see minimal growth in the short term before stronger growth in 2021. Adelaide is expected to see a 9 per cent growth whilst Hobart (currently the strongest market with house prices jumping 33 per cent in the past three years) is expected to grow by another 8 per cent in the coming three years.