David Plank, Head of Australian Economics at ANZ. Source: Linkedin. High rise apartments in Brisbane’s West End. Picture: Mark Calleja.And despite the doom and gloom around Brisbane’s inner-city apartment market, Mr Gradwell said those oversupply concerns were no longer warranted, with attached dwelling completions reaching a peak in 2017.“Even though there’s still a strong pipeline of work in 2018 and 2019, the worst of that supply increase is behind us,” Mr Gradwell said.“We’re seeing demand is picking up now because Brisbane and the rest of Queensland’s population growth is really improving and confidence is pretty strong and that’s likely to accelerate.” OWNERS PAID THOUSANDS, SOLD FOR MILLIONS In good news for property investors in Brisbane, new figures from SQM Research show the rental vacancy rate fell to 2.9 per cent in May — the fifth straight monthly decline. “We believe that a rise in interstate migration is lifting population growth rates in Brisbane plus the peak in unit completions is creating this turnaround in the rental market,” SQM Research managing director Louis Christopher said. Brisbane home prices have only declined modestly. Image: AAP/Glenn Hunt.ABS chief economist Bruce Hockman said regulatory changes and tighter lending conditions had continued to impact investors, who were more active in the Sydney and Melbourne markets than Brisbane.“These cities have seen strong price growth over recent years particularly in detached dwellings,” Mr Hockman said. RENOVATION ADDS $158,000 TO SALE In its report, ANZ said “weakness in Australia’s housing market has persisted longer than we expected” and now sees the RBA starting to raise rates in August 2019, not May as originally predicted, with a second rate hike in November.The bank expects home prices around the country to fall by 4 per cent in 2018 and a further 2 per cent in 2019. The Reserve Bank of Australia kept interest rates on hold at 1.5 per cent at its last board meeting. Image: AAP/Peter Rae.But ANZ’s head of Australian Economics, David Plank, said he did not expect that to derail Australia’s economic outlook because it reflected a regulatory-induced tightening in the supply of credit rather than tighter monetary policy.“We think, as a result, that the impact on the economy will be less pervasive,” he said. A house for sale in the Brisbane suburb of Stafford. Image: AAP/Glenn Hunt.HOUSE prices in Sydney and Melbourne are set to slump 10 per cent as the nation faces a property correction, but Brisbane will be“insulated” from the storm, one of the nation’s biggest banks predicts.A report released by ANZ Bank reveals it expects the Queensland capital’s improving economy and population growth to “soften the extent of near-term price falls” driven by tighter credit and higher interest rates next year. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE ANZ senior economist Daniel Gradwell said Brisbane was in a much better position than Sydney and Melbourne, with home prices likely to stabilise — not fall — in 2019.“Brisbane hasn’t seen the same growth, so it’s likely to be insulated from that,” Mr Gradwell said. ANZ Bank has downgraded its outlook for house prices. Image: AAP/Joel Carrett.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoIt comes as official figures released by the Australian Bureau of Statistics on Tuesday show residential property prices fell 0.7 per cent nationally in the first three months of the year — led by the two biggest cities.Sydney recorded the third straight quarter of falling property prices (-1.2 per cent) and the first annual price fall (-0.5 per cent) since the March quarter of 2012, while Melbourne home prices fell 0.6 per cent.Brisbane home prices also declined 0.6 per cent during the quarter, but they are up 1.6 per cent on the same time a year ago. LAVISH BRISBANE SKY HOME SELLS AT HUGE DISCOUNT
The 29-year-old moves to the King Power Stadium for an undisclosed fee. He becomes the Foxes’ third summer signing after Robert Huth and Christian Fuchs. Okazaki has signed a four-year deal. He has scored 43 goals in 93 games for Japan and struck nine times in the Bundesliga for Mainz last season. Okazaki told lcfc.com: “I am very happy to be here. To play in the Premier League is my dream and I will make every effort to help the team here at Leicester City. “I will do my best to show how I can play and try to make a lot of goals for the supporters. “I watched every match (last season) in the Premier League not all of them are easy. There were hard games. “In the last few games the crowd were great and the players responded. It was an amazing result at the end of the season.” Press Association Leicester have announced the signing of Japanese striker Shinji Okazaki from Mainz, subject to a work permit and international clearance.