Brisbane apartment slump over with values set to rise: Moody’s

first_imgThe latest housing report believes “the worst is over” for the housing slump, especially in the apartment sector.RELIEF may be in sight for Brisbane apartment owners, with latest forecasts predicting “the worst is over” for the region’s unit market with values set to rise this year.The CoreLogic-Moody’s Analytics Australian Home Value Index Forecast said Greater Brisbane would see a massive 6.5 per cent rise in apartment values next year, which comes after several years of oversupply warnings across the region.It expected apartment values overall across Greater Brisbane to recover this year, growing 0.8 per cent in 2018, after backsliding -2.9 per cent last year. Where buyers have the power Prestige home sells in two days Entire town on sale for less than a Brisbane house The report expected 80 per cent of the region to see apartment values go into positive territory this year, with only the Brisbane Inner City (-3.5 per cent) and Moreton Bay — South (-3.3 per cent) to lag in negatives.Next year though was expected to see all ten sectors of Greater Brisbane get back in the black — with the biggest rise to come out of Moreton Bay — North units (8.7 per cent), following by those in Ipswich (8.1 per cent).The lowest growth in apartment values was expected to be 3.5 per cent coming out of both Brisbane — North and Brisbane — South. CoreLogic-Moody’s Analytics Australian Home Value Index Forecast: June 21, 2018It found apartment approvals outnumbered housing approvals on average by 2.3 to 1 from 2012 to 2016 in Brisbane — South, which saw apartment values decline 3.8 per cent last year.“However recently, approvals between the two asset classes have converged. This will likely see apartment values rebound 1.3 per cent in 2018,” the report said, with the pace picking up in the new year to 3.5 per cent.No other part of the state had the same oversupply issues as Brisbane did, the report said, with “lifestyle” areas such as the Sunshine Coast, Wide Bay, and Cairns expected to perform better with housing values forecast to rise 5.7 per cent this year and close to 2 per cent in 2019. FORMER ORIGIN STAR STILL KICKING GOALS IN 2018 RAFTER COUNTRY: HOW PROPERTY FULFILLED A CHAMPION FAMILY MARGOT ROBBIE’S SECRET WEDDING ESTATE FOR SALE More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoHome values on the Gold Coast were also expected to rise almost 4 per cent this year and 6 per cent in 2019, while in resource areas like Central Queensland, Mackay-Isaac-Whitsunday, and Darling Downs-Maranoa “further declines in house values are expected before a recovery”.“For Mackay-Isaac-Whitsunday, house values are expected to decline 4.8 per cent for 2018. However, as incomes stabilise and unemployment improves, the market could see a 1.7 per cent recovery in 2019,” the report said. FOLLOW SOPHIE FOSTER ON FACEBOOK BRISBANE APARTMENT GROWTH FORECASTS (%) 2018 0.8 2019 6.5 Greater Brisbane 2018 3.3 2019 3.5 Brisbane — East 2018 0.3 2019 6.9 Brisbane — North 2018 1.3 2019 3.5 Brisbane — South 2018 0.9 2019 5.3 Brisbane — West 2018 -0.3 2019 6.1 Brisbane Inner City 2018 2 2019 8.1 Ipswich 2018 1 2019 8 Logan — Beaudesert 2018 1.6 2019 8.7 Moreton Bay — North 2018 -0.1 2019 5.9 Moreton Bay — South (Source: CoreLogic-Moody’s Analytics Australian Home Value Index Forecast)last_img

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