Inner city resales leaping ahead
Brisbane’s inner-ring apartment market is accelerating as these areas become more popular with buyers, according to new research.
A report from Place Advisory shows Brisbane’s inner west remains the best performing region within five kilometres of the CBD, recording capital growth of 4.3 per cent.
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In terms of suburbs, Windsor and Albion have historically recorded the highest levels of growth, according to Lachlan Walker from Place Advisory.
However, when looking specifically at resale data, city fringe areas like Paddington, New Farm and Red Hill delivered the best results over the past 12 months.
In Paddington, resales showed growth of 7.0 per cent in the period while New Farm recorded 6.7 per cent and Red Hill 6.5 per cent.
Mr Walker said city-adjacent suburbs were becoming more liveable, thus appealing to a wider swathe of buyers.
“This shift towards the inner suburbs is characteristic of today’s marketplace where demand is created by liveable suburb,” he said.
“When we looked at the areas which recorded the highest levels of capital growth over the last 12 months, we found that inner-city areas with high accessibility, plenty of entertainment options and employment opportunities performed the best.”
In the Brisbane market generally, Mr Walker said activity was beginning to bounce back after a prolonged slump.
“Over the past five years, capital growth in the Brisbane resales market has seen a steady decline, with this period of lower than average annual growth reflective of the wider market sentiment witnessed in a market which has reset and stabilised itself to prepare for the upward cycle,” he said.
“There is no denying Brisbane is beginning to see the first hints of growth occurring and we are expecting to see greater capital growth across the city in the coming years as buyer activity increases which is very promising long term.”
