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It’s a robust start to the spring selling season in Brisbane and regional Queensland, especially for the entry-level markets, according to leading group Raine & Horne.
General manager at Raine & Horne Queensland Steve Worrad said that this is due to a combination of factors.
“We’ve seen a strong start to spring in parts of Brisbane and some regional markets such as Bundaberg and Gladstone thanks to more spring sunshine, ongoing low interest rates and the relative affordability of Queensland’s real estate markets compared to Sydney and Melbourne.”
Busiest
Principal of Raine & Horne Burpengary Gina Wells said that in Brisbane’s northern suburbs region, listings have jumped by as much as 50 per cent in suburbs such as Burpengary, Morayfield and North Lakes.
She said that entry-level property markets in these suburbs are proving to be the busiest this spring.
Ms Wells said that in Burpengary, entry-level four-bedroom properties are selling for $420,000, while homes in the newer suburb of North Lakes start from $550,000.
She said that in Morayfield, entry-level properties start at $330,000.
“First home buyers prefer suburbs such as Burpengary and North Lakes as they are only 40 minutes by rail or road from the Brisbane CBD coupled with the region’s affordability,” the principal said.
“Investors, who make up 30 per cent of buyers in the entry-level markets, appreciate the region’s affordability and excellent infrastructure as well as historically low vacancy rates of 3 per cent and investment yields as much as 7 per cent in Morayfield.”
Ms Wells said that the trend should continue.
“We’ve had an excellent September, and we expect the property markets in this region to motor along well into December thanks to a decent level of homes for sale and consistent buyer numbers, which include plenty of Sydney investors chasing the strong yields this region offers.”
Spike
Principal of Raine & Horne Bundaberg Joshua Rub said that sales in Bundaberg are 5 per cent stronger than in September 2017.
“Values remain consistent despite the spike in sales, and those properties that are priced, presented and marketed professionally are selling within three and a half weeks,” Mr Rub said.
“Sales are higher this spring simply because we have more committed buyers than tyre-kickers.”
He said that excellent yields are attracting investors to Bundaberg.
“Investment yields in Bundaberg range from 6 to 7 per cent and 4 to 5 per cent in Bargara, as property prices are about $20,000 more due to these suburbs’ proximity to the coast and slightly higher real estate values.”
Strongest
Principal at Raine & Horne Gladstone Mark Patton said that sales in Gladstone are at their strongest in four years.
“Thanks to the combination of property affordability and a significant infrastructure announcement,” Mr Patton said.
“Well-priced entry-level properties valued upwards of $140,000 offer excellent value and incredibly competitive yields that are as high as 7.5 per cent.
“The savvy buyers have recognised the Gladstone market has reached the bottom and they are making their presence felt at open homes. Many have also realised that by buying now, they’ll have a good opportunity to share in some capital growth, too.”
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