The forecasts are in BIS Shrapnel’s latest Residential Property Prospects, 2009 to 2012.
It says a shortage of housing stock against an anticipated rise in demand, coupled with low interest rates and solid growth in rents, will contribute to a property price upswing, which most home owners should notice in 2010 – 2011, and then especially in 2011 – 2012.
However, the report assumes major banks will not increase interest rates until beyond 2011.
BIS says that while the first home buyer has driven the market this year, real estate markets nationally will see more second home buyers and investors return to the market.
The report forecasts median values in metropolitan Canberra to increase 17 per cent between 2009 – 2012, followed by Brisbane (16 per cent, with the regional markets of Gold Coast and Sunshine Coast to follow), Hobart (15 per cent) and Perth (12 per cent).
The report forecasts median values in metropolitan Brisbane to increase 16 per cent between 2009 – 2012