After lagging behind Sydney and Melbourne last year, Brisbane is well-placed to grab pole position as the nation's strongest property market in 2014, say analysts.
Steve Worrad, Queensland general manager at Raine & Horne, says activity in Brisbane is already up 25% in some areas compared with the same time last year.
“It's on the basis of tight supply and growing demand that we expect property values in Brisbane to grow by 7 percent, and more in some cases, during 2014.”
Demand for Brisbane property is being driven by investors, and empty-nesters shifting from interstate, says Worrad.
“Property prices in the southern capitals enjoyed a robust 2013, with the median house price in Sydney, for example, between $665,000 and $712,000 depending on who you listen to, while the median house price in Brisbane is an affordable $445,000.
“This gives Sydney retirees, especially, scope to sell a family home tax-free, and make a lifestyle shift to Brisbane and add the difference to their retirement savings.”
The price differential between Brisbane and the southern capitals is also set to prove an attraction to fly-in/fly-out workers.
“Whether they're working the mines in Western Australia or on an investment banking desk in Sydney, Brisbane's lifestyle and affordable property prices will attract more fly-in/fly-out workers in 2014,” says Worrad.
New Farm, Beenleigh and surrounding suburbs are tipped to be some of Brisbane’s property hotspots for the coming year.