The eastern states have been leading the charge when it comes to property price rises over recent months, and this success could well continue for a while longer yet. The NAB Residential Property Index forecast positive times for the Brisbane market over the next few years, building on the success it has already witnessed.
NAB Group chief economist Alan Oster explained that national house price growth is expected to stand at 2.1 per cent over the next year, and 2.3 per cent over the coming two years.
Brisbane, however, looks set to move away from the crowd as NAB predicts that the Queensland capital will witness 4.8 per cent price growth in 2016. This will build on the four per cent rise in activity that has already been witnessed this year.
With prices on the move in the Brisbane CBD, buyers might turn their attention to slightly further afield. It's therefore possible that real estate in Elimbah could see a popularity surge, especially as buyers still want to benefit of being in close proximity to the state capital.
There's further room for optimism in the national property market at the moment, as the September quarter ANZ/Property Council Survey points to improved sentiment. Queensland was one of the states that witnessed an upward shift in sentiment, with its reading up from 125 to 130 quarter-on-quarter.
"All the indicators point to a steady property market injecting strength into the national economy, creating jobs and boosting the supply of new housing," remarked Property Council chief executive Ken Morrison.
He emphasised that some states had been impacted by the downturn in the resources sector, but property market activity has nevertheless helped regain some confidence. The challenge now will be to make sure that this continues to benefit residents of real estate in Elimbah and other parts of the country.