Brisbane’s property market shining in February
This month has been an exciting one for Brisbane. There has been a noticeable and positive change in sentiment towards the South East’s property market reflected across consistent daily news coverage of growth in our city. Red & Co has identified the 2 biggest trends for February 2018 as
- The prestige market really taking off
- Sydney migrants looking north to our city for a better lifestyle
So let’s briefly explore these in more detail.
Prestige: February has seen an unprecedented volume and price levels achieved in the prestige ranks of the market. Realestate.com reported on Monday this week that the city’s top 10 sales by price amounted to $30 million with the highest being a $7 million sale on Hamilton Hill. Other notable activity was the $3.3 million sale of a newbuild Hamptons style property in Paddington after only 3 days on the market, and cashed up Clive Palmer’s purchase of a sprawling Figtree Pocket riverfront estate for $7.5 million. Other blue-chip suburbs of Yeronga and Auchenflower were the best performing over the past year with median price growth of 32.6% and 26.3% respectively. For the rest of us, a strong prestige sector can often buoy prices across the general market and this can only be a positive sign for Brisbane.
The press has been pounding the desertion of Sydney story over the past 2 weeks as the phenomenon becomes real. Earlier this week, the Sydney Morning Herald wrote that Sydney is losing 129 people daily to other states, with Brisbane historically being the 3rd largest destination for this migration. CoreLogics’s Tim Lawless, also noted this month that Brisbane was poised to overtake Sydney and Melbourne as the best performing capital city over the next five years as a result of 113 000 jobs being created last year (state-wide) and increasing interstate and international migration creating strong demand conditions.
So far 2018 has seen great conditions in Brisbane’s property market and if the trends persist, it should be a great year for real estate and the economy in our city. More to come.
If you’d like to speak to a team of agents who are actually honest and reliable, or if you just want to know what your home is worth? Get in touch with our residential sales director, Anthony Oddo on 0430 028 254 or [email protected]