Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Staggering growth in Qld listings

By Michael Crawford
24 September 2014 | 1 minute read

Growth in Queensland listings has eclipsed both Sydney and Melbourne, with one agency reporting a 47 per cent increase in listings compared to the same time last year.

Advertisement
Advertisement

Listings across Sydney and Melbourne are up seven per cent and the number of settled sales increased six per cent when compared to the same period last year, with a bumper run to Christmas expected.

Suburbs in and around Brisbane, south and west of Sydney and within 20 kilometres of the Melbourne CBD are leading the demand, according to Angus Raine, chairman and CEO of Raine & Horne.

Mr Raine said the spring 2013 market was "very solid" and added that Sydney and Melbourne purchasing has "maintained the 2013 rage".

“The St George region in Sydney and the western suburbs are set to enjoy strong market conditions due to a combination of affordability and lower interest rates,” Mr Raine said.

Principal of Raine & Horne Sans Souci Ray Fadel said typical buyers around the area include investors, self-managed super funds and first timers. In western Sydney, colleague Peter Diamantidis said investors are "going nuts" for properties with granny flats. Mr Diamantidis said apartments with yields of between 6.5 per cent and 7 per cent are being snatched up by investors.

“Five months ago, plenty were tipping the market would slow but if anything it’s getting stronger… In our region, investors are going crazy for properties with granny flats and these are on the market for $460,000, and they can return $630 per week, which represents a gross yield of more than seven per cent,” Mr Diamantidis said.

“We’ve got studio apartments worth $190,000 which are renting for $250 a week.”

According to general manager of Raine & Horne Queensland Steve Worrad, southern investors are increasingly in competition with locals for property, as they attempt to test the waters of the current property market.

“In Queensland, Raine & Horne has recorded a surge in listings of 47 per cent compared to this time last year, and this can be attributed to plenty of Queensland owners recognising there is more life in the property market than nine months ago, and they’re now testing the waters by putting their properties up for sale,” he said.

Staggering growth in Qld listings
Burning up coins 246x164 230x215
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Listen to other installment of the Real Estate Business Podcast

 

Do you have an industry update?

top suburbs

12 month growth
Warren
49.59%
Mullumbimby
49.48%
Waverton
49.18%
Blairgowrie
48.97%
Porepunkah
48.95%
Streaky Bay
48.89%
Bruce
48.67%
Koolewong
48.46%
Failford
48.4%
Victory Heights
48.22%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.