Brisbane real estate is booming!
Towards the close of 2014, South East Queensland experienced positive signs across the board with auction clearance rates increasing and agents reporting a rise in the number of people attending open homes. There had been some conjecture amongst the industry as to how the market in 2015 would start and whether or not the activity experienced towards the close of 2014 would continue.
Unlike many other property markets across Australia, SEQ experiences increased activity in January, especially in markets such as the Gold Coast and Sunshine Coast. This is mainly due to these areas being major tourism hubs, therefore giving sellers and agents access to a larger pool of potential buyers. The strength of activity across these markets in January often gives the industry an insight into how the remainder of SEQ, Brisbane in particular, will perform once everything kicks back into gear throughout February. It is clear that the conjecture around how the market would return in 2015 has been cleared up almost immediately with auction results and buyer activity not only continuing to perform strong off the back of 2014, but in some suburbs, there have been reports of increased activity of up to 50% compared with November and December last year in terms of buyers attending open homes.
These are great signs for the Brisbane market where, throughout 2014, we saw a steady increase in interstate, international and expat investor activity with the majority of these buyers feeling Brisbane had been the underperformer amongst Australia’s capital cities post-GFC. These buyers, coupled with the increased confidence amongst locals and the urbanisation of the Brisbane CBD, make for a very positive outlook in 2015 for Queensland’s capital city.
Whilst the prestige market across SEQ has not been as resilient in comparison to the rest of the market there are certainly positive signals starting to appear. Demand for properties over $2M have combined with a sudden undersupply of quality prestige homes in markets such as the Gold Coast leading to increased buyer confidence that has not been seen for some time. This confidence is likely to continue into 2015 as it is also widely viewed that luxury property in SEQ is still extremely undervalued.
Article from http://www.therealestateconversation.com.au/blog/2015/01/28/brisbane-real-estate-booming#.VMh04C6X2dp