Record-breaking sales push NT unit market to new heights
The Northern Territory (NT) property market finished strong in 2021 with record sales in the unit market propelled by ro...
Brisbane has seen a swift recovery from the pandemic, with sellers and buyers said to have whiplash as property prices continue to outdo themselves month-on-month.
Herron Todd White’s latest Month in Review highlighted the surge in property prices across Queensland, on the back of low interest rates, economic stimuli and a steadily growing national economy.
Moreover, interstate buyers have contributed to increasing demand after the state gained around 10,000 people in the December 2020 quarter – the largest net gain since the same time in 2003.
“Queenslanders have been kept relatively safe from the pandemic while continuing to operate openly when it comes to business, so interstate residents have become enamoured with theState,” Herron Todd White’s director, David Notley, said.
“We are experiencing an almighty uptick in interstate migration numbers, the likes of which haven’t been seen for nearly 20 years.”
Greater Brisbane emerged as the biggest beneficiary of the population uptick, with almost half of the new arrivals settling in or near the capital.
As a result, several property markets across Brisbane’s fringes are performing exceptionally well, with a lot of buyers eager to take advantage of the still-affordable entry-level prices.
The northern fringe a standout
In the northern fringe, around 20km from the CBD, properties can still be snapped up from $400,000 to $500,000, particularly in Strathpine and its surrounds.
“This is exactly the sort of home that’s been attracting interstate investors keen to be part of Brisbane’s ever-strengthening market. The level of demand from these buyers is a big part of why property prices are on the rise here,” Mr Notley said.
Another standout performer is Griffin, where new and near-new properties are exchanging hands for $500,000 to $600,000.
and Belmere also proved to be Brisbane’s newest “growth zones”, where the average price for three-bedroom houses has increased by around $50,000 in just the last six months.
Ultimately, these northern fringe suburbs have the best offerings not only for owner-occupiers but also for investors, according to Mr Notley.
“Duplexes and dual occupancy properties are being snapped up by investors – and why not when some rents have increased 15 per cent in short shrift.
“Many of these structures are selling off-market with yields now at around 5.5 per cent – a definite tightening from the high of 7.0 per cent not so long ago,” he explained.
But growth doesn’t stop in the north.
Outer-ring suburbs in the southern and eastern Brisbane markets have also been garnering increased demand, Mr Notley said.
“The best-performing sector in this location is … all of them! Rises have been across the board,” the director noted.
“Like other areas, there’s been a lot of interest from interstate buyers for property in the south.
“Much of what we’d class as secondary quality housing has been taken up by purchasers eager to secure something and happy to compromise on fundamental desirable attributes,” Mr Notley explained.
Mid and inner rings praised
Moreover, affordable pockets across the mid and inner rings of Brisbane are also seeing gradual growth.
“Upgrader buyers love these addresses, particularly those with $2 million-plus to spend.
“This bracket has been the benchmark performer in Brisbane, with some suburbs seeing values increase 20 to 25 per cent since 1 January,” Mr Notley concluded.
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