Strong apartment sales in the Brisbane suburb of Teneriffe are indicating an increase in buyer confidence in the Queensland market.
Low interest rates coupled with the state government’s new $15,000 first home owner construction grant for new properties are factors driving a high amount of demand from buyers.
David Kortlang, sales manager at developer Devine’s DoubleOne 3 project, said the first home owner grant was a positive boost for the Brisbane market.
“The $15,000 grant is an enormous boost and opens up Brisbane’s inner city apartment market to a whole new generation of buyers,” he said.
"It has definitely sparked fresh interest for property in Teneriffe, with buyers recognizing this unique opportunity to buy into this tightly-held suburb.
"Demand for property in Teneriffe is very high and DoubleOne 3 offers an affordable alternative for buyers in today's current market."
The development has sold over 50 per cent of its apartments, a positive sign for buyer confidence in the area.