Brisbane battles rising house prices14 June 2015 by News Desk
The Real Estate Institute of Queensland is calling for government action to ensure the state’s property market remains sustainable.
The Institute, concerned that prices in Brisbane could rise to Sydney and Melbourne levels, is calling for new measures including the abolition of stamp duty, release of more land for housing and allowing first home buyers to use their superannuation for house deposits.
Darrell Todd, CEO of thinkingaustralia, says: “In recent years Brisbane has seen steady growth in its property market but now faces a new and accelerated growth cycle. City officials do not want to see property prices rise as fast as they have in Sydney and Melbourne.”
Institute figures show affordability in Brisbane is better than Sydney and Melbourne, with average house prices in Brisbane at $475,000 compared to Sydney ($785,000) and Melbourne ($527,000).