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.
