BRISBANE REAL ESTATE ON THE RISE
Written on the 30 April 2014
BRISBANE’S property market is trailing Sydney and Melbourne but is set to take off, according to research by ANZ.
The latest Housing Market Update shows the river city is sustaining year-on-year growth of 5.5 per cent.Raine & Horne state general manager Steve Worrad (pictured) says demand for real estate in Brisbane is growing.
“The inner Brisbane suburb of New Farm for example, has been identified as a major hotspot to watch, with average annual growth of four per cent over the next five years.“The market in Brisbane has turned the corner, with well-priced property being snapped up in days, although more listings are needed to meet growing buyer demand,” he says.
Raine & Horne eastern suburbs principal Margaret Vote says she has noticed a 10 per cent increase in buyer enquiries compared to six months ago.“We’re not seeing the same rush for property in Wynnum and Manly as is the case with some suburbs closer to the Brisbane CBD, although our market is moving well and we have plenty of buyers and a significant variety of real estate to sell,” she says.
“Our buyers are a mix of investors and owner-occupiers, with owners dominating the market.“We have a good solid market and I believe values have probably jumped about eight per cent since the Federal Election last year and with plenty of listings and improving buyer confidence, it should be possible to maintain a decent level of growth for the next few months.”
The optimism follows the recent sale of a block of land for $285,000 in Wynnum West to a house in Manly selling for $1.275 million on the other end of the spectrum.Worrad says Brisbane’s market improvements are flowing on to create stronger activity in regional and coastal towns, including Hervey Bay, Charters Towers, the Sunshine Coast and Gold Coast.