Properties under $1 million will make up Brisbane’s fastest growing market this year, agents say.
Place CEO Damian Hackett said he expected substantial growth in the $500,000 to $800,000 housing market, with middle city 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,” he said.
The suburb of Aspley is set to do well with interstate investors according to real estate agent Damian Hackett. Photo: Supplied
“We predict there will be rising competition in Brisbane as interstate investors look to the city for prospects.”
Mr Hackett said his office was fielding a lot of inquiries from buyers’ agents down south.
“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.”
He named Aspley as one to watch on the northside and Wakerley and Wynnum in the eastern suburbs.
In the south, he said Yeronga, all the way through to Sunnybank, was in high demand.
David Lazarus of Belle Manly confirmed the $500,000 to $700,000 price range was very competitive.
“If you can get your hands on one, you can sit on it for a couple of years and know that it’s only going to do well,” he said.
“I just sold one at Manly to a Sydney buyer who flew up to Brisbane for the day and bought the house there and then.”
Tristan Rowland of Place Aspley said Sydney and Melbourne buyers were driving local property growth 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.”
Mr Rowland said neighbouring Geebung and Wavell Heights were pockets popular for their reasonably priced housing close to local amenities.
“Chermside is getting further extensions onto the roof now which only increases its appeal – these suburbs are so close to all of that,” he said.
Paul Guy of Runcorn Realty said he believed any suburb in that 15km radius of the CBD would perform well this year.
“I find any property in Runcorn, Sunnybank, Sunnybank Hills and Eight Mile Plains … I get very strong demand from Asian buyers and they’re active at all price points, not just around $600,000,” he said.
“Every open home has double figure attendees and, because there’s not a huge volume of listings, it’s extremely competitive.”
Offers over $549,000
3 bed, 1 bath, 1 car
Damian Hackett recommends buying the largest piece of land you can find as close to the CBD as possible and this property ticks those boxes. Set back from the street in a private position, the land comes with a three-bedroom timber and tile home that needs work but it’s only a one minute drive to Westfield Chermside and a short walk to the bus stop.
4 bed, 2 bath, 3 car
This beautifully maintained home located in the Sunnybank State School catchment is set in an elevated position on 536 square metres of landscaped land. Offering three bedrooms upstairs, the property also has a fully contained granny flat downstairs with kitchen full bathroom and bedroom with internal access to the garage.
3 bed, 2 bath, 2 car
This gorgeous workers cottage featuring high ceilings, wooden floorboards, VJ walls and ornate cornices offers Queenslander character without the price tag.
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