Well-priced property is being snapped up within days in Brisbane, with one national franchise claiming there isn’t enough property available to meet demand.
The Brisbane market has turned a corner with growth expected to average around four per cent for the next five years, according to general manager for Raine&Horne Queensland Steve Worrad.
“The inner Brisbane suburb of New Farm, for example, has been identified as a major hotspot to watch… although more listings are needed to meet growing buyer demand,” he said.
According to principal of the Wynnum/Manly office Margaret Vote, buyer enquiries are up by around 10 per cent on last year.
“We’re not seeing the same rush for property in Wynnum and Manly as is the case with some suburbs closer to the Brisbane CBD, although our market is moving well and we have plenty of buyers and a significant variety of real estate to sell,” said Mrs Vote.
“I believe values have probably jumped about eight per cent since the federal election last year, and with plenty of listings and improving buyer confidence, it should be possible to maintain a decent level of growth for the next few months,” she said.
But it’s not just Brisbane experiencing the boom; in Hervey Bay real estate sales are up by 30 per cent compared to April 2013, according to Graham Cockerill, principal of Raine&Horne Hervey Bay.
“We’re seeing more activity across the board, from entry-level properties to prestige homes, with retirees from Melbourne, Sydney and even Darwin prominent,” said Mr Cockerill.