A report released by BIS Shrapnel (economic forecaster) has predicted that in contrast to Queensland property prices escalating over 2015/2016, that there will be a significant plateau and potentially a drop in property prices in 2017.
This has been forecast due to the combination of the current building boom of new developments and property in addition to a slowing population growth. This trend is not just isolated to Queensland with Victoria and Western Australia also predicted to experience similar price trends in the coming years.
“We won’t see another home building boom this side of 2020, so really for the rest of this decade the market will need to digest the huge home building we’ve had and the big price increases we’ve seen,” BIS Shrapnel associate director, Dr Kim Hawtrey explained in a statement made to the Courier Mail.
This trend will benefit property investors, families, and home buyers who are wanting to either build up a property portfolio or purchase a home.