Wilson made the prediction based on tracking surveys showing increasing demand in South East Queensland.
“It’s just pure supply and demand economics – if more people want to move into an area and want to buy property, that will absolutely support prices,” he said.
Wilson expects the Brisbane region will see some of Australia’s highest population growth, and therefore staggering price increases, before and possibly after the Olympics. ”
“Our home prices have gone up 45% in the past three years, and I predict they will go up at least another 50% and probably double in the future,” he said.
Dan White, managing director of Ray White, agrees, saying: “Even without the Olympics, house prices have almost reached this growth over the past five years.”
Last Sunday, Brisbane held an exceptional 112-suite mega-auction, with sales totaling more than $75 million, making it one of Brisbane’s largest ever auctions.
The auction, titled “Ray White Brisbane 100”, was held to celebrate the Ray White Group’s centenary of operations in Queensland’s capital. There were 402 registered bidders during the marathon six-hour auction, which resulted in sales of $75.25 million. Prior to this, the expert panel has pointed out that Brisbane will see significant house price growth in the future.
The biggest auction of the day was for A$9.8 million, the sale of a large 872-hectare farm an hour’s drive from Brisbane, owned by wealthy cattle rancher Charlie Mort of Mort & Co. The company’s feedlot The business operates in 7 locations and 7 enterprises, employing more than 300 people.