Property investors are migrating north to Brisbane, taking advantage of the cheaper property prices than its east-coast neighbours, an industry expert has found.
According to SPACE Property Ashgrove principal Michael Shean, low volume levels and high buyer demand are creating the perfect storm for sellers.
“The lower than normal listing numbers over the Christmas period have created a surplus of purchasers looking to enter the market, which has resulted in strong attendance numbers at open homes and this will equate to some very significant sales for this year,” Mr Shean said.
“This year is expected to be bigger than ever, with the strongest demand coming from young professionals and families.”
“A growing number of investors are attracted to Brisbane due to an improvement in its economy and job growth as a result of infrastructure spending,” he said.
“Many people are also moving to Brisbane for affordability and lifestyle, with South East Queensland emerging as Australia’s most preferred destination for internal migration,” Mr Shean continued.
The Brisbane property investor believes Australians are migrating north due to the positive aspects of life in Brisbane.
“Brisbane is a fabulous city with liveability, affordability and economic prospects. Over the next five years, Brisbane is tipped to be Australia’s best-performing property market,” Mr Shean said.
Finally, Mr Shean highlighted the strength of the western part of the city, explaining why he believes Ashgrove presents a buying opportunity for investors.
“It offers exceptional schools, walking paths, green spaces, large character homes, and has a leafy, green feel about the area,” he said.
“In the past five years, Ashgrove has witnessed average growth of over 30 per cent in prices, and it will continue to be in high demand due to its positive attributes and proximity to the city.”