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Decemer
2003 |
QLD
/ BRISBANE PROPERTY MARKET - BITS AND PIECES
Interest
Rates Movements 1991 to Date
Queensland
Population Growth
-
The population of Queensland grew by more than 88,000 new
residents (2.4%) in the last 12 months.
- Queensland
population is now around 3,800,000 people.
- Queensland
is now the fastest growing state or territory in Australia.
Queensland
Migration
-
The median age of an interstate migrant is 36 years old.
- Most
overseas migrants are in their early 20's and many are tertiary
students.
- It
is estimated that Qld population will continue to grow by
between 90,000 and 100,000 people each year between now
and 2007.
- This
equates to an annual demand of between 36,000 to 40,000
new dwelling each year
New
Dwelling Activity
-
There were approximately 40,000 new dwellings approved across
Qld over the last 12 months. This is approximately 14% up
on the 2001/02 figures.
- Despite
the large increase in dwelling approvals; rising population
and the previous lag in new dwellings resulting from the
Introduction of the GST has seen Qld now having a shortage
of new dwellings for sale.
Brisbane
property averages - Not average property
-
Brisbane Median House Price - $289,000 - an increase of
almost 26% in the last 12 months.
Weekly rents for 3 bed houses have risen more than 7% in
the last year.
- Detached
Brisbane Houses on average are showing a 4% gross annual
rental return.
While Brisbane Units are showing a 5% gross annual rental
return.
- The
biggest area for house price movement was the outer ring
suburbs (15kms + from the CBD) which have seen their prices
almost double in the last 12 months, currently showing an
average price of $256,000.
- There
were 60,700 detached house settlements for the last 12 months
across.
- While
there were 34,000 apartments sold during 2002/03 for the
Sth East Qld region.
- Both
House and Unit sales no.s peaked around the Easter period
2003.
Interestingly House, apartment and land, total sales are
down on the 2001/02 years figures.
- Land
sales for the 2002/03 period saw 12,600 lots change hands,
while a year earlier during the 2001/02 period we saw almost
12% more sales for a total of 14,100 sales.
- Land
values have increased 22% over the last 6 months in south
east Qld.
- The
lesser sales no.s for land during 2003 can mainly be attributed
to a lack of supply rather than a cooling off of the market.
- As
at Sept 2003 there were 551 apartments remaining for sale
across inner Brisbane equating to only 3 months supply
- Many
of these remaining apartments are situated within the CBD
area and fall in the $300k - $400k price range.
- On
average new inner Brisbane apartments are currently reselling
for annual gains of 5.4% or $50,000 on their initial purchase
price.
Prepared By Adam Rizzo
Contact:
Adam Rizzo – Email: info@brisbaneproperties.com.au
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