Brisbane’s real estate market is on the rise, following a slump in the years after the Global Financial Crisis.
Auctions are showing the biggest growth in the current market.
Martyna Kulczyk reports.
House auctions are sparking the most interest in the rising market.
Over the weekend, the number of people going to auctions in Brisbane doubled and almost half of the one hundred and seventy properties up for auction, were sold.
Tiana Walmsley, Ray White: “It’s definitely due to high demand for properties and high demand puts people into competition when supply is low. So auction is the best way to create a premium price.”
Brisbane’s northern suburbs of Wilston and Wooloowin are proving to be the top performers, in part because of the number of schools in the area but it’s also tied up in supply and demand.
Prof. Chris Eves, QUT: “So we’ve come from the situation where we’ve got low housing stock and suddenly we’ve got confidence in the market, we’ve got low interest rates, and that can only lead to high prices.”
Brisbane’s housing market has taken longer to bounce back, because of what happened in the Global Financial Crisis.
Prof. Chris Eves, QUT: “Queensland had a little bit more activity than Sydney and Melbourne after the GFC. They went down a little quicker than we did.”
Brisbane had the biggest house price increase of all capital cities in August, but spring is expected to bring even more growth.
That’s because traditionally, there is an increase in sales in the lead up to Christmas.
And further on, economists say investment properties are likely to be the biggest growth area over the next 12 months.
Martyna Kulczyk, QUT News.