Brisbane apartment market to outperform nation: Moody’s
BRISBANE’S apartment market is predicted to outperform the rest of the nation over the next two years as it bounces back from a supply glut.
In good news for property investors, apartment values in the city are forecast to grow nearly 1 per cent this year before jumping 5.8 per cent in 2020 and climbing a further 5.3 per cent in 2021, according to Moody’s Analytics.
The latest quarterly CoreLogic-Moody’s Analytics Australia Home Value Index Forecasts report predicts a modest 0.6 per cent correction for house values in greater Brisbane in 2019.
But that’s much better than the 9.3 per cent fall in house values forecast for Sydney this year and the 11.4 per cent drop expected for Melbourne.
The report by the ratings agency sees Brisbane’s housing market recovering in 2020, with a 1.9 per cent increase in house values forecast, followed by a further 2.3 per cent growth the following year.
But not all of Queensland’s housing markets are expected to soften this year.
Moody’s Analytics is predicting home values in the Mackay and Whitsunday region to grow 2.3 per cent in 2019, followed by stunning growth of 8.2 per cent and 9.1 per cent in 2020 and 2021, respectively.
The report’s authors write that the “recent uptick in commodity prices and tourism has sparked recoveries in areas such as Mackay”.
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