Brisbane is emerging as a property powerhouse

A study by Place Advisory found that Queensland recorded more sales transactions than Victoria and NSW in the September quarter. Year-on-year house sales volume increased by 10% in Greater Brisbane.

The latest data also showed home purchases by interstate investors in Brisbane jumped 148% since the COVID-19 outbreak in 2020.

Commenting on the figures, Place Managing Director and Place Bulimba’s upscale commercial agent, Sarah Hackett, said she had never seen such a high level of interest in Brisbane properties in her entire career.

“In my nearly three decades of property experience in Brisbane, I have never witnessed this level of investigation into Brisbane property from Sydney, Melbourne and overseas buyers,” a- she declared.

She attributed the strong interest in Queensland’s property market to the state being less affected by COVID-19 lockdowns and restrictions than its southern counterparts.

She also pointed out that increasing accessibility constraints in major capitals and a change seen in lifestyle choices have contributed to Queensland’s appeal to shoppers. “Those who used to spend money to go abroad are now buying holiday homes in the SunshineSun, NSW Sun, VIC state,” she said. In the last quarter, Queensland saw its population increase by 38,000, indicating strong interstate migration.

And it’s not just sales volumes that are rising – Brisbane home values ​​have also hit new milestones.

In a first for the Sunshine State Capital, median house prices across all suburbs in the city’s inner belt (0-5km from the CBD) reached a million or even higher.

In the year to September 21, Kangaroo Point was the suburb with the biggest price increase, rising 158% to $2,529,677. This was followed by TennysonTennyson, QLD Tennyson, SA, up 129.1% to $2,500,000; Spring Hill, up 61.7% to $1,802,115; ChandlerChandler, QLD Chandler, QLD, up 59% to $2,683,333; and Dutton Park, up 54.5% to $1,638,667.

Prices also rose sharply in Enoggera, Yeerongpilly, RobertsonRobertson, New South Wales Robertson, Queensland, South Brisbane, and MiltonMilton, NSW Milton, QLD during the period.

Brisbane braces for record auction volumes

The record figures come as Brisbane prepares for its biggest ever auction weekend.

Place Estate agents, a residential real estate organization in southeast Queensland, said 60 properties are set to go under the hammer for three days from October 22-24.

Place managing director and auctioneer Paul Curtain said they expect “another wave of interstate and overseas buyers” during the busy three-day period.

With Place reporting an average of 12 registered bidders at auction, demand for a slice of Brisbane is not expected to wane anytime soon.

Brisbane auction clearance rates are now on par with Sydney and Melbourne at 80 per cent,” Mr Curtain said.

“We are bringing a high volume of inventory to market, and this biggest auction weekend gives buyers the opportunity to buy and settle before Christmas.”

Brisbane is emerging as a property powerhouse

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Last update: October 19, 2021

Posted: October 20, 2021