New Farm in Queensland could see impressive growth in the next 12 months, according to Scott McGeever, managing partner of Property Searchers, as the Brisbane market continues to recover.
“Over the past six to nine months we have seen the market in Brisbane come back to life, with stronger demand and supply remaining low,” Mr McGeever told Real Estate Business' sister publication, Smart Property Investment.
“We have seen older, established areas come back the best and these will also be the areas that hold their value when the market slows again.”
Mr McGeever said New Farm was one of these areas, where a two-bedroom, two-bathroom apartment could still be purchased for under $600,000. He said while the area remains relatively affordable, prices look set to climb.
"This area has been strong because of the lack of available land to develop. It is also well serviced with amenities, parks and transport, while being a convenient distance to the Brisbane CBD,” he said.
Mr McGeever said he expects demand will remain strong, which combined with a low supply of quality stock, would continue to drive prices north in the future.