LOCAL economic circumstances will drive the best and worst property growth across the country this year, with improved prospects for gas pushing up prices in Queeensland’s Toowoomba and car industry job losses sending prices sliding in the Adelaide suburb of Kilburn.
Forecasts by property consultancy firms MacroPlan and Australian Property Monitors show that Queensland will host four of the six best performing suburbs for home value growth this year, with the low Australian dollar boosting key industries in the state.
Suburbs in South Australia, Canberra and some iron-ore producing towns in Western Australia will stall, as the industries that employ large numbers of people in these areas face a tougher year.
Brisbane’s Dutton Park on the fringe of the city and the outer western Redbank Plains will be two of the country’s top performers, growing by a forecast 10 per cent, with the whole city expected to reap the rewards of renewed confidence.
MacroPlan chief economist Jason Anderson said that rising inner city rents in Brisbane this year would see more demand for city fringe apartments, while the affordability of Redbank Plains would stoke the interest of a more confident first-home buyer cohort, returning to the market after low levels last year.
MacroPlan’s experienced and qualified economists align their understanding of macro-economic forces with micro-economic variables such as geographic and industrial characteristics, demographics, labour market shifts, resource demand and commercial realities. Contact Jason Anderson, Chief Economist today to discuss your property research requirements.