A Property Investment Professionals of Australia (PIPA) members’ survey showed that 46.15 per cent of respondents believed Brisbane was the capital city with the greatest investment prospects for 2018, reports news.com.au.
This was way ahead of the next most popular investment option, Melbourne (19.23 per cent) and Perth (15.38 per cent).
A key driver of Brisbane’s growth would be Sydney’s baby boomers, cashed up from the sale of the family home, flocking north to retire.
“People that have a lot of equity in their home can retire or semi-retire by selling up and buying a home in southeast Queensland,” PIPA chairman Peter Koulizos said.
“That is because there is such a big price difference between Brisbane and Sydney.”
The median house price in Sydney was more than $1 million – close to double that of Brisbane – so this would give southerners a sizeable pile of cash left over after buying a home further north.
While Brissie may be the best prospect among Australia’s capital cities, investors will need to bring a dose of patience as they wait for this goose to lay its golden egg.
“Property booms take a long time to gather momentum, I doubt you will see double digit growth in Brisbane this year but it may be different next year,” Mr Koulizos said.