While the days of booming price growth in the Brisbane housing market are becoming a distant memory, a new forecast is tipping a 15.2 per cent increase in the next three years.
But the upturn will take time to gain traction, with most growth predicted between 2012 and 2013.
The latest QBE LMI Australian Housing Outlook Report, prepared by BIS Shrapnel, predicts that Perth, Sydney and Adelaide will record the strongest growth levels in the next three years.
QBE LMI chief executive Ian Graham said affordability in Brisbane remained a challenge, with the median house price predicted to hit $530,000 by June 2013.
At present housing affordability in Brisbane is somewhere between 2007 and 2008 levels.
In the two years to 2007-08, Brisbane's median house price jumped by 29 per cent, making the city the second least affordable capital city nationally after Sydney. However, Brisbane's median price stalled for the first half of this year, rising only 2 per cent up to June.
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