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More investors will turn their attention to Melbourne's property market while Brisbane is on the way up, according to developer Australand's manager of Asian marketing, Edmond Lai.

Sydney is a popular destination but prices are a bit steep for some property investors.    Melbourne, with more affordable real estate, is likely to get some focus.

Brisbane is another Australian city with good prospects. A famous investment survey, Midwood Report,  has recommended the city  along with Gold Coast.

He said Brisbane's property market oscillates every five years. This is different from the five-year property cycle in Sydney and Melbourne - Australia's largest employment centres.

But Brisbane had net migration inflow from other places in the country, Mr Lai said.

Despite the ups and downs, the city reported a 20-year aver age growth of 7.5 to 7.8 per cent in prices.

Investors take advantage of the lower initial mortgage payment for two-bedroom apartments worth A$200,000 (HK$818,000).

Mr Lai said Brisbane's property development was less regulated, and therefore developments were quick to increase in  times of growth, triggering oversupply and falling prices.

Prices in Brisbane  have just started to rise, and a good capital appreciation  is expected in the next few years.

Mr Lai said the apartment market in Australia on the whole had shown no  sign of a downturn so far, although many  expected a property downturn  following the 2000 Olympic Games in Sydney.

Several properties recently launched by Australand  were well received,  he said.

The 107-unit Scala Apartments in  Melbourne, which went up for sale in late March,  has sold 80 per cent of its units.  Located in  front of Albert Park Lakes, the project provides 68 to 260 square- metre units at A$254,000 up.

Another project, the 124-unit Balmain Shores phase three in Sydney, with 52 to 150 sq-metre units at A$300,000 up, had only 20 units left after it was offered between mid-March and April.

Launched two weeks ago, Linea Apartments at St Leonards in Sydney sold all but 12 of the 41 to 206 square-metre units, starting at A$250,000. Mr Lai said some of the purchasers were British buyers who wanted to take advantage of the  current exchange rate of the Australian dollar.

He said  the  Australian economy started to pick up in 1994.  The country's low-taxation policy and low-inflation environment  made properties more affordable.

Annual growth in property price has averaged 8 to 10 per cent since 1994, while inflation  remains low at 2.5 to 3 per cent. As property investors enjoy rental incomes, gross investment returns  will exceed 10 per cent.



Brisbane rising, with good capital appreciation expected