Investors are snapping up inner-city apartments in Brisbane, with recent auction results indicating strong demand for the inner north.
A PRDnationwide auction in Nundah last week showed high demand for Wooloowin, New Farm and Albion, as well as Northgate.
Sales agent Peter Tornabene said that many investors were attracted to unit block opportunities close to the city.
"We had some buyers interested in the high rental yields of the properties, while others saw the units as a 'fix and flick' proposition," he said.
Mr Tornabene said vendors were pleased with the prices achieved and forecast that further buying opportunities could present in the inner-ring suburbs.
"There is a bit of confidence returning to the inner-city unit market. People are sensing a change in the air and are preparing for growth," he said.
Seventy-five prospective buyers attended the auction. The highest sale was a block of six two-bedroom units in Wooloowin, six kilometres north of Brisbane’s CBD, for $1.625 million.