Emigrating to Australia: Brisbane property prices
21 August 2016 by News DeskEmigrating to Australia: the cost of buying an apartment in Brisbane could fall greatly in coming months.
Emigrating to Australia: the cost of apartment in inner Brisbane could fall by as much as 25 per cent over the next 12 months.
That’s the view of a top academic at Queensland University who says that falling numbers of Asian investors and buyers will cause the slump in prices.
New laws introduced by the Chinese government are making it increasingly difficult for buyers to take their money out of China.
Hollywood actress Cate Blanchett has already fallen victim to the new Chinese policy after the sale of her $20m home to a Chinese buyer fell through.
Chris Eves, professor of property economics, said overseas buyers who had purchased off-the-plan in the past six or seven months might not be able to settle final payments.
Developers will have to put these apartments on the market and with the lack of demand they will have to discount their prices, he says.
Emigrating to Australia: Brisbane property prices
Industry observers report that home prices and rents are already falling in Brisbane.
New laws introduced by the Australian government are also set to impact property prices.
A new three per cent stamp duty surcharge will come into force in Queensland on October 1 and is bound to have an impact on the market.
Professor Eves believes Sydney will not be affected as its high prices had already priced out foreign buyers. Melbourne could suffer small price falls thanks to the city’s larger and more diverse pool of buyers.
Meanwhile, other industry observers are wary of forecasts of a 25 per cent fall in Brisbane apartment values, and believe a 5 to 10 per cent drop is more likely.
Around 6300 apartments will be completed each year in inner Brisbane between now and 2019. About 6800 each year are forecast for completion in Melbourne, a city with more than twice as many people.
For expert info and help with buying property in Australia, Click Here
Want to live and work Down Under? Click here for expert help: Skilled Migration to Australia
Want to get a job Down Under? Click here for expert help: How to Get a Job in Australia
Click here for tourist information about Australia: Visit Australia
