Yes, the art of crystal ball gazing into future property prices can be more futile than trying to predict the weather.
So while you shouldn’t expect long term property predictions to pan out according to the last decimal place, it still pays to do your research about the overall health of the market you’re looking to enter.
That’s where property analysts and their crystal ball gazing can play a role. But who has time to read all these reports and consider which analyst has put forward the most robust data and analysis?
Michael Yardney of Property Update has taken up some of the heavy lifting for us, comparing the latest BIS Shrapnel QBE Australian Housing Outlook for 2017 to 2020 against the predictions made in the SQM Research Boom and Bust Report for 2017.
Whichever report you read, Brisbane’s housing market is forecast for continued steady growth.
The QBE report predicts the Brisbane housing market will rise by 7 per cent to 2020 while units could drop by the same amount as we absorb the oversupply.
The SQM report predicts Brisbane houses could grow anywhere from 2 per cent to 7 per cent this year alone, depending on what happens with interest rates.
Either way, the overall Brisbane housing market is looking solid, and talking to a local agent about your suburb will give you a clearer understanding of what buyers and sellers are doing closer to home.