A major network has capitalised on the expected growth of the Brisbane market by opening a new office in the Logan region.
Raine & Horne Shailer Park has opened in the emerging suburb of Logan City, south of Brisbane.
Angus Raine, executive chairman and CEO of Raine & Horne said the group is targeting the area due to predicted growth in the next 12 months.
“We’re predicting average growth in excess of seven per cent for Queensland real estate in 2014, and as a consequence the timing is perfect for ramping up our presence across the state,” he said.
The office will be led by Jason Power, who operated an independent property management business in the region.
“The area has something for everyone – a two-bedroom townhouse can still be purchased for under $300,000, while a million dollars will get you a lovely home on a big block,” said Mr Power.
“The median three-bedroom house price in Shailer Park is $408,000, while it’s $432,000 in nearby Cornubia.
“It’s a marvellous location and who wouldn’t want to live here – we’re only 30 minutes to the Brisbane CBD for work, and 30 minutes via the M1 to the Gold Coast.”
With the healthy combination of price affordability and strong buyer demand, Mr Power is predicting that Shailer Park and the surrounding suburbs will produce at least seven per cent growth in 2014.
“I also base this prediction on the fact that listings are short, and those homes that are priced to sell are being snapped up in seven days,” said Mr Power.
Interstate investors are taking advantage of high rental yields, as well as the recent rezoning laws, according to Mr Power.
“We recently had a change in zoning laws from R2000 to R600, which enables half-acre blocks to be subdivided, and savvy investors from NSW and Victoria are taking advantage of these changes to land bank for now,” Mr Power said.