The Real Estate Institute of Queensland (REIQ) predicts the median house price in Brisbane is tipped to hit $1 million within seven years. The Gold Coast will follow in 2025 and the Sunshine Coast four years after that.
The projections are based on detailed suburb-by-suburb analysis of the changes in values over the past five years by the REIQ.
Currently, just five of Brisbane’s 138 suburbs have a median price of $1 million-plus: Ascot, Hamilton, Pullenvale, St Lucia and New Farm.
But the startling results show that by the end of this decade, more than three-quarters 105 suburbs will carry a seven-figure price tag.
And there will not be a single suburb in Brisbane, the Gold or Sunshine coasts with a median value of under $500,000.
An REIQ spokeswoman said the projections were only a guide, and would be affected by economic conditions, interest rates, building costs and other factors.
We all know affordability is an issue now for many Australians trying to break into the property market. If these projections are right, and there is no reason why they shouldn’t be as they are based on historical data – affordability will truly become a very serious national and political issue in the future.
Source: Courier Mail, REIQ