Blue house property prices are likely to remain stable in Brisbane for a while as developers look to build more and more properties for the city’s growing population, a market report has found.
Key points:Blue house properties will continue to be sold for up to $100 million in Brisbane in 2017 and 2018However, demand for property is expected to be weak for several yearsSource: Blue House Housing Properties (BHB)About 1,500 blue house properties were listed in Brisbane last year, with some going for as little as $100,000, according to the BHB report released on Wednesday.
Blue house property values are set to fall to about $90 million next year, down from the current $100-million price tag, with many properties still being bought for just over $100m, according the report.
“The blue house market will be stable for the next two years but the trend will not be sustained for many years, the report said.”
Demand for blue house property will continue declining and is set to be low for many of the next several years.”BHB said the blue house housing market is set for an “impressive” comeback in the coming years.”
Our forecast shows a return of around 5% per annum over the next 12 months, and a recovery of around 1.5% per year over the remaining two years,” the report says.”
As demand is stable, the outlook for blue home property prices in Brisbane is good.”BHB’s blue house agent, David Rau, said the trend of blue house prices continuing to decline in recent years was a sign of confidence in the market.”
I think people are finally starting to see that blue house is a good investment, that it’s a safe investment, it’s affordable, and it’s something that’s really going to last,” he said.’
We are in good shape’Mr Rau said blue house developers would likely be keen to see an increase in demand as the blue housing market recovers.”
If there’s a good recovery in demand, that would help us,” he told Radio Brisbane.”
We are still in good condition and in a position that we think will be able to withstand the downturn.
“It’s not going to be the end of the world but we are in really good shape.”
Blue house developers have previously reported strong demand from the community, with developers citing a strong community sense of community and a strong desire to build the homes that attract more and larger crowds.
The blue houses are typically sold in blocks of six or 10, which typically brings in $20,000 to $25,000 a home.
The number of blue houses listed in the first two quarters of this year has more than doubled compared to the same period last year.
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