Brisbane set for residential price growth in the new year
Despite having lost nearly seven per cent in terms of median house prices over the last 12 months, Brisbane has been shown to still have great growth potential .
One leading economist has noted that the drop in prices that makes the sunshine state so enticing is not entirely due to controllable market factors.
Dr Andrew Wilson - a senior economist for Australian Property Monitors (APM) - has noted that the slump is not entirely a result of depressed markets.
"A significant contributing factor however has been the devastating floods experienced by that capital in January," said Wilson in the December issue of APM's State of the Nation.
These generally lowered prices do mean that Brisbane's residential real estate is becoming of increasing interest to both private buyers and investors alike.
A number of economic factors - including a growing population, a positive consumer outlook and some notable housing shortages - have come together to rally the market.
Wilson asserted: "The Brisbane housing market is set to revive in 2012 off the back of the Queensland resources boom that will gather strength through the year – weather conditions notwithstanding."
It could be that the capital city is able to rebuild its markets to the point that it sees "double digit growth in median house prices" over the following 12 months.