Brisbane Has The Most Affordable Land Prices
The HIA-RP Data.com Residential Land Report shows that land prices have increased in the quarter to June 2009.
Although land sales are at a lower level “the average residential land price for the June quarter increased by 7.1% on the previous 3 month period. This is 12 percent higher than for the same period last year.”
Land supply is short and if there is an on-going shortage as expected, this will keep the pressure on residential property prices throughout 2010 and even further out as there is no quick fix to providing extra land for building.
Figures have also shown that Brisbane is the most affordable city when tallied against Sydney and Melbourne. Not only was it the most affordable but it also has the highest average growth rate at 7.8% over 20 years.
For long term investment this certainly seems to be the city to invest in.
Queensland still has a strong influx of people moving into the state and this movement does not seem to be abating when comparing it to other larger cities.
The migration into Queensland comes predominantly from NSW, Victoria and New Zealand.
The Gen-Y population is growing in ever increasing numbers in Brisbane as they see it as a modern city with many opportunities and also surrounded by various entertainment and sports facilities. Gen-Y is a very strong source of rental tenants as they are not a group to be ready to buy, but more interested in living the good life in quality surroundings.
Filed Under: Property Investment Tips • Property News
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