Up-and-coming capital growth hotspots revealed
Six suburbs in one state that are expected to deliver strong returns to investors throughout 2015 have been identified.
PRDnationwide's capital city Hotspots report said Brisbane’s strong capital growth performance last year and continuing infrastructure investment had set the city up for a strong 2015.
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“The majority of Brisbane suburbs recorded strong growth in both houses and units throughout 2014, with some suburbs recording unprecedented annual growth in median prices,” it said.
“Over the 12 months to December 2014 there has been an increase in second and third home buyers from interstate taking advantage of low interest rates, increased equity in their homes and a slower median price increase in comparison to Sydney and Melbourne.
“First home buyers are also claiming their stake in the property market, with many purchasing new dwellings approximately 15 to 20 kilometres from the CBD.”
The report highlighted six suburbs that PRDnationwide predicts will outperform the market due to affordability, anticipated annual price growth and suburb development spending.
Houses in Fitzgibbon ($428,000 median price in 2014), Kelvin Grove ($640,000) and Runcorn ($481,000), and units in Indooroopilly ($431,000), East Brisbane ($445,000) and Wooloowin ($372,000), will be Brisbane’s hotspots in the year ahead, the report said.
In general, Brisbane’s property markets have a strong few years ahead of them, PRDnationwide believes.
“Brisbane property proves to be in high demand, evident through several key indicators including (but not limited to): growth in rental price, a recovery in the number of sales and median prices, and declining trend in average days on the market. Further, $9.2 billion worth of residential development projects is due to commence construction in 2015. This will refresh Brisbane’s residential supply over the next three years, providing property market players a wide array of choice.”
