Huge House Prices in Brisbane Australia

  • 14 years ago
  • Uncategorized
Recent house price increases in Brisbane spell bad news for those thinking about immigrating to Brisbane and first time buyers. Average house prices in the region have now increased to over £300,300. Brisbane house prices  rose by 8.1 per cent to AUD $535,000 in the three months to the end of December 2009.The Chamber of Commerce Queensland comment that first time buyers in Brisbane will be hit hard by the price increases.
High property prices may have a long term detrimental effect on the housing market making it harder for expats from the UK to settle in Brisbane. The UK average house prices are now £166,857 making Brisbane a very difficult place to relocate too. For home owners this is great news but those wanting to get a foot on the Brisbane property ladder they  will be forced to relinquish their dreams of home ownership, with housing affordability in Brisbane set to worsen.
Figures released yesterday by the Real Estate Institute of Queensland showed that the median house price for a three-bedroom house in Brisbane rose 8.1 per cent to $535,000 in the three months to the end of December 2009.
Chamber of Commerce Queensland general manager of policy Nick Behrens said the likelihood of home ownership for potential first-home buyers in Brisbane was becoming more remote.
”The prospect of home ownership is becoming a distant reality for a sizeable proportion of the population,” Mr Behrens said.
He said the appreciation in house prices was due to rapid population growth in South-East Queensland outstripping available housing.

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