PORTSIDE WHARF LURES INTERSTATE INVESTORS
Written on the 21 September 2015
QUEENSLAND'S comparatively affordable property market will continue to lure Sydneysiders across the border, according to Brookfield Residential Properties.
General manager Lee Butterworth says the trend is common in the market cycle and has occurred several times in the past.
"When we see Sydney and Melbourne residential prices start to peak there is usually a flow-on effect that positively impacts the Queensland market within the following 18 months," Butterworth says.
"We are starting to see that now and I believe it will continue to gain momentum throughout 2015.
"What you can get for your dollar in Brisbane is superior in terms of size and location to many markets interstate and buyers see the value that our property represents."
Revenue manager Tenille Kelly (pictured) is no exception, having made the move from Cronulla to Brookfield's Portside Wharf development in Hamilton.
She says the apartment market in Sydney is "scary" compared to being able to purchase a two-bedroom apartment at Pinnacle.
"After realising all I could afford was a shoe box, I turned my sights to a more affordable market that still offered a similar lifestyle," Kelly says.
"It came down to pricing and what I could get in Brisbane in terms of apartment size, views, quality finishes and location was far better than anything I could afford in Sydney so it was absolutely worth the move.
"Thanks to the affordability of the market here, I now have plans to purchase an investment property in the precinct in the next 12 months."
Butterworth say Kelly was just one example of interstate investors heading to Brisbane, who feel priced out of the Sydney or Melbourne market.
"Portside Wharf offers exceptional value and people are buying now so they can enjoy the lifestyle benefits of the precinct as well as the economic benefits of the Brisbane property market," he says.
The development features six residential buildings and 40 retailers, with prices starting from $610,000 at Pinnacle.