Is There A Property Boom Happening Again
The demand for homes and units from buyers has dramatically risen over the past quarter with has resulted in a rise in median prices and sales
Confidence has certainly returned to the capital city's market with first home buyers, up-graders and investors all active over the period. Preliminary sales numbers for houses were up by about 28 per cent over the June quarter.
On the back of this increased demand, Brisbane's median house price has increased 3.3 per cent to $480,000 while its unit and townhouse price is up an even more impressive 4.2 per cent to $382,400 over the June quarter.
Units and Townhouses have seen such a big jump in demand and sales in these areas primarily due to the affordability by first home buyers in the under $400k price tag.
Some suburbs have done better than others during this time and typically those suburbs are good performers in almost any economy. All the signs are now pointing to this trend to continue the growth we are now enjoying.
We will cover the surrounding Brisbane suburbs down further in the article. The inner eastern riverside suburbs of Balmoral, Bulimba, East Brisbane, Hawthorne, Morningside and Normal Park all enjoyed double-digit price growth over the period.
While these suburbs have always been popular, having medians in the upper price ranges of between $570,000 (Norman Park) to $925,000 (Bulimba) are an indication that a renewed confidence has returned to second and third-home buyers in recent months.
Another strong performer in Brisbane for houses was Ascot, where its median increased 29.1 per cent to $932,500 over the quarter. While this result was affected by the varying quality of stock sold, it also highlights the improving quality of homes coming onto the market as sellers take advantage of renewed interest in prestige property.
Units and townhouses within 5KM of the city achieved good growth during the past quarter - this time Auchenflower, Toowong and Yeronga.
Auchenflower and Toowong are both located within 5km of Brisbane's CBD and have a mix of established and new unit complexes available. Yeronga is 7km south of the city and is in a prime position along the Brisbane River.
Property Brisbane & Outer Suburbs
Affordability again has been the draw-card over the June quarter, attracting robust sales numbers across Greater Brisbane and steadily increasing house prices. The much talked-about FHOB has no doubt contributed to the rising results in both sales and median prices for the period, as many first-time buyers take advantage of low interest rates and government initiatives.
The Logan area was one of the best performing region throughout Greater Brisbane for the year with its median house price up 9.7 per cent and 3.5 per cent for the quarter. The Logan area has many suburbs within this large catchment area and like all other areas there are better named suburbs and of course better street to be buying in for all different reasons.
Here are a few suburbs to look at when buying in the Logan area, Loganlea, Meadowbrook, Crestmead, Marsden and Rochedale South have all benefited from increased demand from first home buyers due to their affordability.
Investor are also favoring these areas not only for the growth but the rental returns and with huge demand for good rental properties. From an investment point view the things that really help with the growth and rental demand are i.e.Loganlea has train station which has the express trains to and from Brisbane the Gold Coast stopping at this station, TAFE and a UNI, assess to the M1 and shopping Centre's
Let's pick out one of these performing suburb and look more closely at it: Crestmead has benefited from an attractive median house price tag of $320,500, while still experiencing tremendous growth for the quarter, its median house price is up 7.1 per cent. The area is proving increasingly popular amongst young families with natural parklands and multiple primary schools.
During the past year, 2 areas that also stand out with a median unit and townhouse price rise of 8.8 per cent and 5.2 per cent respectively.
Moreton Bay area was one of the star performers with an increase in sales of 30% over the quarter for unit and townhouses.
Caboolture was a standout suburb having increased its median unit and townhouse price by 5.7 per cent over the last quarter and a huge 15.1 per cent for the year.
Copyright (c) 2009 Michael Atma
by: Michael Atma
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