After underperforming during the past 12 months, many property investors believe Brisbane now offers the best investment opportunities according to a survey conducted by PRDnationwide.
About 45% of respondents voted for the Queensland capital city while a quarter said Sydney offers the best prospect. Melbourne followed closely with 17% of the votes.Other capital cities scored low in the survey with Adelaide attracting just 5% of the votes, Hobart 4%, Canberra 2% and Perth and Darwin both getting just 1%.
The survey was taken nationally and considered both houses and units
Aaron Maskrey, research director with PRDnationwide said Brisbane was a good choice, having been through the bottom of the property cycle and it's on its way up.
"With a massive population growth, the Brisbane rental market will tighten and experience its first real growth in price for the past couple years, as demand surges ahead," he said.
"Sydney has great capital growth prospects, combined with increasing rental rates - proving to be very attractive to investors. It's not surprising to see Darwin, Perth and Adelaide rated poorly by investors. None of these cities have reached the bottom of the market yet, and investors aren't going to jump in while prices could still go down," he said.
However, Maskrey said Hobart should be higher up on investors' lists.
"For comfortable long term capital gains Hobart is a sure safe bet," he said. "Victoria is the state which is furthest away from the bottom of the property cycle and is set to experience solid gains in capital growth."
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