Fears of an excessive supply of apartments in Brisbane are muted as the city continues to perform admirably
The Brisbane economy has recovered magnificently in recent years and is now contributing to the stability of the housing market.
"Queensland's economy is doing very well, so it's a factor that will continue to favor housing," said Nerida Conisbee, chief economist at REA Group.
"The strongest demand for buying activity in Brisbane tends to be on the north side, and the Gold Coast has a very high demand for rents – that's good if you want to invest, because there will be many tenants.
The apartments are a rising star in the real estate market. Although oversupply has raised concerns in recent years, the demand for quality housing appears to be sufficient to dispel fears of a glut of empty apartments in the Sunshine State.
"If you buy a good quality apartment, do not worry about the excess supply. Properties that have a bad reputation are properties that have been developed relatively cheaply and not necessarily in the best location or quality, "says Conisbee.
"We do not see the same level of development anymore, so a lot of problems with excess supply are coming through." Conisbee points out that more and more buyers – especially the first ones homebuyers – promote the apartment lifestyle because of its affordability and convenience.
"They can live in a part of the capital at a relatively affordable price if they buy an apartment, but if they want to buy a house, they will have to be quite far from the city," he said. she.
Regions reach new heights
Although the Commonwealth Games are over, they have not ended the impressive Gold Coast and Sunshine Coast races. A recent Queensland Market Monitor published by the Real Estate Institute of Queensland (REIQ) highlights that these two areas remain very positive.
"While other markets in the country are struggling to toughen lending criteria and cool investors' appetites, southeastern Queensland continues to deliver sustained and sustainable growth," says Antonia Mercorella, CEO of REIQ.
The median annual price of Gold Coast homes rose 2.3% to $ 675,000, while that of the Sunshine Coast posted strong growth of 6.3% to $ 595,000.
SPOTLIGHT ON A SUBURB
BUNGALOW: Unit Market with Incredible Returns
Nestled in the Cairns area, the suburbs of Bungalow are characterized by low housing values ​​and remarkably high yields.
The median home price was only $ 328,954 after a 4.9% increase over December 2018. And although prices fell 3% in the market units over the same period, units in bungalow display one of the highest rents yields in the state, at 9.8%.
Since Bungalow, access to the Bruce Highway through Mulgrave Street is easy. It is one of the main communication routes that connects Cairns to the highway. Hartley Street forms the southern boundary of Bungalow.
Although the suburbs do not have many amenities, Bungalow is just 10 minutes from Cairns CBD.
Accessibility: There is a link to the Bruce Highway, as well as to other pockets of Cairns
Performance: the bungalow unit market shows an impressive 9.8% yield for homeowners
Can you afford to buy in this suburb? Find out how much you can borrow
Top suburbs:
Scarborough
,
fresh water
,
albion
,
Dulwich Hill
,
sth toowoomba
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