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Booming Brisbane

Posted by PRD Nationwide on 2 April 2015

The majority of Brisbane suburbs recorded strong growth in both houses and units throughout 2014, with some suburbs recording unprecedented annual growth in median prices. Figure 1 provides a snapshot of Brisbane's Key Market Indicators.

KEY MARKET INDICATORS
Change from Last Year Half Year
House sales Decrease Decrease
House median Increase Increase
House rents Increase Increase
Unit sales No change Decrease
Unit median No change No change
Unit rents Increase Decrease

Figure 1. Brisbane Key Market Indicators

An evaluation of Brisbane's prices reveals that with a budget of $500,000 to $550,000 a person can afford to purchase property in 26.0%-42.0% suburbs (44-73 out of 173). This figure shows a decrease in Brisbane's affordability, as in 2012 the same budget would allow a person to purchase 34.0%-49.0% of Brisbane (59-85 suburbs out of 173).

Over the past 12 months to December 2014 there has been an increase in second and third homebuyers from interstate; taking advantage of low interest rates, increased equity in their homes, and a slower median price increase in comparison to Sydney and Melbourne.  First home buyers are also claiming their stake in the property market, with many purchasing new dwellings approximately 15-20km from the CBD. 

2015 Hotspots Snapshot Brisbane

  Fitzgibbon Kelvin Grove Runcorn Indooroopilly East Brisbane Woloowin
Location Relative to Brisbane CBD 18.2km 3.5km 17.0km 7.3km 4.5km 7.5km
Property Type House House House Unit Unit Unit
Median Price 2014 $428,000 $640,000 $481,000 $431,000 $445,000 $372,000
Annual Growth 2014 6.8% 3.1% 16.1% 8.1% 6.6% 4.0%

Brisbane property proves to be in high demand, evident through several key indicators including (but not limited to): growth in rental price, a recovery in the number of sales and median prices, and declining trend in average days on the market. Further, $9.2Billion worth of residential development projects is due to commence construction in 2015. This will refresh Brisbane's residential supply over the next three years, providing property market players a wide array of choice.
 



  

   

    



 

Author: PRD Nationwide

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