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$1m digs to become the norm

BRISBANE was only seven years away from a median house price of $1 million, real estate agent agency owner John Johnston predicted yesterday.

Mr Johnston has analysed price, population and wages growth over the past 38 years and assessed the median house price doubles every 6 1/2 years.

“It may sound amazing but it (a million dollar median) is just a repetition of history,” Mr Johnston said.  “If you said in 1970 when the median house price in Brisbane was $9910 that it would be $450,000 in 37 years, people would have thought you were crazy.”

Mr Johnston said population growth, mining and tourism underpinned capital growth of property in Brisbane.

“We are the California of Australia,” he said.

He sees a future where urban sprawl and medium density homes will see the southeast become much more populated.

“We can spread out as equally if not a lot more than Los Angeles because we can go all the way to Toowoomba before we hit the hills.”

Brisbane’s population growth had averaged 2.19 per cent a year since 1970 and was tipped to be 2.2 to 2.3 per cent over the next three years.

Melissa Ketchell

Article from The Sunday Mail July 2007

 

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