19 Jun Demand is coming back to the Brisbane property market
Written by Michelle Hele (Originally published on realestate.com.au) Feature Image: realestate.com.au
A SEARCH for affordability is driving buyers back to the Brisbane property market with a leading economist labelling the Australian property market as “bullet proof’’.
Speaking ahead of the release of the latest REA Group Property Demand Index, chief economist Nerida Conisbee said despite some data showing a drop in median house prices in some capital cities, demand had rebounded to hit a record national peak.
Ms Conisbee said the Australian residential market felt almost bulletproof at the moment.
“Continued increases in demand (are) setting us up for even more price growth in our major cities, despite the constant speculation based on median price figures that the market is set to collapse,’’ she said.
Ms Conisbee said the index showed that the Gold Coast’s run as Queensland’s “wonder child” appeared to be on the wane, but buyers were heading back to Brisbane.
Demand in Queensland for houses had increased 14.8 per cent compared with the same time last year and 18.8 per cnet for units.
“Although the (Gold Coast’s) suburbs generally dominate the most popular suburbs, the pendulum appears to be swinging back to Brisbane. Buyers are looking for affordability and big blocks in the outer suburbs, and in the inner city, more expensive suburbs also feature,’’ she said.
The index revealed Brisbane’s most in demand suburb was Holland Park. The second most in demand was much further afield, Armstrong Creek, near Dayboro.
Nerida Conisbee has described Australia’s property market as “bullet proof’’.
Brisbane agent, Mikki Finlay who has returned to her boutique agency Premium Residential said the housing market was buoyant at the moment with some “more than significant’’ sales being achieved.
“However the unit market is suffering with the unprecedented and continuing release of over 35,000 new apartments in Brisbane; as a result we have seen existing units take some rather hefty reductions in price in an attempt to achieve a sale.
“I believe the premium market is tracking very well and I would expect this trend to continue throughout 2017,’’ she said.
Ms Conisbee said a lack of supply was helping drive demand across capital cities.
Her comments about supply were echoed by Ray White CEO Tony Warland this week who said reduced supply was behind price growth and quicker sales.