SHORT SUPPLY DRIVES NEW FARM BOOM

Written on the 24 March 2015

SHORT SUPPLY DRIVES NEW FARM BOOM

INNER ring capital city property markets are booming in the second quarter and Brisbane is no exception, according to Raine & Horne.

The real estate company has reported strong sales growth in New Farm, as well as Coogee in Sydney and Karama in Darwin.

CEO and executive chairman Angus Raine says a number of factors are creating favourable selling conditions this season.

"The February decision to cut rates by 25 basis points has given some inner ring markets an additional edge, while a relatively early Easter and the impending school holidays is creating buyer urgency," Raine says.

"Our offices around the country are also reporting a significant shortage of stock for sale this autumn, with listings down by 10 per cent nationally compared to this time last year, which is great news for those owners considering a property sale."

A four bedroom grand colonial style home in New Farm recently fetched $1.31 million at auction, after attracting 60 interested parties and six registered bidders.

Raine & Horne New Farm principal Lee Paul says the shortage of stock in the area will continue to bolster prices.

"Inner city New Farm is always a sought-after location thanks to its proximity to the Brisbane CBD, which is just two kilometres away," Paul says.

"Therefore when a house comes onto the market, it's hugely popular with families seeking a property close to the city.

"It will be a sellers' market this autumn and owners who take their property to market can expect to be rewarded with a rapid sale and a good price."

Paul says the shortage of houses in the suburb is a key selling point, with apartments making up 76 per cent of properties.

Suburbs within 12 kilometres of the Sydney CBD are piquing buyer interest, with a Coogee apartment going under the hammer for $1.43 million.

Karama and Malak in Darwin have been named as suburbs to watch, with thousands of workers expected to flood in for the next stage of a large LNG project.


Latest News

THE 2017 MELBOURNE TOP 50 COMPANIES REVEALED: NUMBERS 40 TO 31

Our countdown to the 2017 Top 50 Melbourne companies continues with the next 10 on the list from 40 to 31, which f...

HEALTH INSURER NIB ACCUSED BY ACCC OF MISLEADING ITS MEMBERS

THE COMPTITION regulator has launched proceedings in the Australian Federal Court against NIB Health Funds Limited (N...

CANNABIS COMPANY SECURES PERMITS FOR NEW PLANTS TO BEGIN CULTIVATION

MEDICAL Cannabis company Cann Group Limited (ASX: CAN) will receive its first plant material and start cultivation of...

CHARTER HALL SNAPS UP SALAMANDER BAY CENTRE FOR $174M

RETAIL investment trust Charter Hall (ASX: CQR) has purchased the regional Salamander Bay Centre in New South Wales f...

Related News

HEALTH INSURER NIB ACCUSED BY ACCC OF MISLEADING ITS MEMBERS

THE COMPTITION regulator has launched proceedings in the Australian Federal Court against NIB Health Funds Limited (N...

AFTERPAY GOES TRANS-TASMAN WITH TRADE ME DEAL IN NEW ZEALAND

AFTERPAY Holdings Ltd (ASX: AFY) has entered into an agreement with New Zealand trading site Trade Me Group Ltd (A...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter