Real estate agents claim Brisbane is experiencing the best property market it’s had in years.
In fact inner city and south-eastern suburbs have been recording prices well above market expectations.
Celeste Skinner reports.
The analysts say Brisbane’s housing market is on fire.
Low interest rates and a growing economy is making Brisbane hot property.
Garry Price, Ray White South East Brisbane: “The best property market I’ve seen in Brisbane was in 2007. That was the top of the market in all the years I’ve been in real estate. I actually believe the market now at this time is as good as 2007, if not stronger.”
People are selling, but more people are buying.
Garry Price, Ray White East Brisbane: “You’ve got interest rates at the lowest levels that we’ve ever seen them, you’ve got house affordability at again a very very good rate, and you’ve got lots of buyers that can get finance and want to move into the prestige areas.”
But it’s been a long journey to get here.
Mark Taylor, LJ Hooker: “It was tough going 6-4 months ago. Buyers were hard to come by, so were listings.”
But Mr Taylor says people are definitely taking advantage of the extra stock available.
As can be expected the traditional riverside suburbs, such as Hamilton and Bulimba, are performing well.
But there are some unexpected suburbs, such as here in Kelvin Grove that are bringing in prices above market expectations.
The suburbs seeing the most activity are Spring Hill, Kelvin Grove, Hawthorne, Bulimba, Balmoral and Indooroopilly.
Despite the successful market, Brisbane is still lagging behind Sydney and Melbourne.
But even with the market so strong, sellers in some areas are still struggling.
Connie Susilawati, QUT Senior Lecturer, Property Economics: “In some areas yes, it’s like you put in the market and yes it goes. But in some areas it takes longer.”
Connie Susilawati says the housing market can be unpredictable and may not continue to burn as brightly as it has been.
Celeste Skinner, QUT News.