Investors looking to grab a slice of the Brisbane real estate market should consider visiting the city's bay, market observers said.
The suburbs of Brisbane Bay are expected to perform well this year as the region continues to experience favorable market conditions, said Marc Sorrentino, director of Place Manly.
Sorrentino said the environment of low interest rates has prompted many buyers to try their luck in the Brisbane housing market, which is expected to grow by 20%.
"It is for these reasons that I think, in early January, we will see this sales growth continue and 2020 will be one of the best years of real estate for the bay", he told the Courier-Mail.
In the region, Gumdale has grown as the strongest suburb last year, with median house prices increasing 28.6% to $ 1.019 million, according to CoreLogic figures. Over the decade, this suburb has been one of the best performing in terms of average annual growth, along with Wakerley and Manly.
Wakerley and Manly recorded steady increases in median house prices last year, up 4.4% to $ 787,000 and 3.6% to $ 790,000, respectively.
"It is interesting to note that this year, many buyers came from the Bulimba, Hawthorne and Morningside regions. Factors such as a second flight path and increased noise as well as amenities making this area even busier seem to be driving the move to the suburbs of the bay, "said Sorrentino.
And despite the low level of listings in some suburbs in the region, it seems that buyer interest has remained strong, said Gail Gobey of Sash and Gable Property.
"The sales we can report on at Wynnum, Manly, Manly West and Wynnum West were all maintained, with the end of the year showing strong growth with an auction clearance rate well above average. ", she told Courier-Mail.
Inter-state investors, particularly in Sydney and Melbourne, are also beginning to notice the region.
"This will see prices held steady or increase over the next two quarters and we expect a larger increase in property prices in this medium to low price range in the second half of 2020" said Gobey.
Main suburbs:
st marys
,
rockville
,
trott park
,
st kilda west
,
alexandra hills
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