Brisbane Property Update
According to some property agents, properties worth under $1 million will be Brisbane’s fastest growing market this year.
Damian Hackett, founder and CEO of Place Estate Agents, said he expects substantial growth in the $500,000 to $800,000 price bracket, with middle ring suburbs leading the way.
“The dramatic increase in property prices in Sydney and Melbourne over the past few years has dried up affordable investment housing stock” Hackett told the Domain Group.
“We predict there will be rising competition in Brisbane as interstate investors look to the city for prospects.”
“It’s been well documented that the inner city suburbs are in demand and they will continue to do very well – but it’s that next ring out that’s now attractive and increasing in demand,” he said. “The mid to outer ring is where affordability lies.
“If investors are looking for capital growth, anything in that $500,000 to $600,000 price bracket is going to do well.
“If you can get something on a block of land as close as possible to the CBD and close to infrastructure (shops, transport), you’ll do well.”
One of the places he named to watch is Aspley which is on the northside and Wakerley and Wynnum in the eastern suburbs.
Tristan Rowland, the Principle of Place, Aspey said they are currently having an influx of Melbourne and Sydney buyers and these are the ones that are driving the local property market at the moment.
“There’s so much Sydney money coming in especially; it’s such a cheap holding for them,” he said. “Many of them are looking for properties out of the areas zoned for apartments … they want to be able to hold onto it for years knowing they won’t have a unit pop up next door.”
The competition is getting a fierce, with every open home reaching double figures – making it extremely aggressive for people trying to break into the property market.