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- July 29, 2014 /
- by Josh Atherton /
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The REIQ believe that Brisbane is preparing for its first consecutive sales increase in more than two decades for the June quarter.
Unusually robust winter sales are a sign the market is gathering momentum, explained REIQ acting CEO Antonia Mercorella.
“Brisbane is set to record its first consecutive increase in June quarter sales since 1991-92,” said Mercorella.
“Traditionally this is one of Brisbane’s quieter selling periods but there has been a reversal of that trend over the last two years, as buyers grow more confident.”
She said that in fact demand is so strong that a shortage of stock is being reported across Brisbane. Sales growth of almost 10% was recorded in the June 2013 quarter.
“Sales statistics haven’t been finalised for the current June quarter, but they are looking very encouraging,” she said.
Price growth is also being seen in Brisbane, with RP Data recording them as up 6.8% on 2013.
“Despite this growth, Brisbane still has a very significant affordability edge over Sydney, Melbourne and Perth where median prices remain much higher,” she said.
“With interest rates still at record lows, the outlook for Brisbane real estate is very positive and buyers can expect the market to continue performing strongly.”
Josh Atherton CEO of PPI Advice echoed Antonia’s statements. “As one of the largest buyers agencies in Brisbane we have certainly seen a major increase in demand for clients looking to acquire quality sites across Brisbane. With many of our clients looking for added value opportunities, the market is currently flooded with investors, owner occupiers and smaller developers from both interstate as well as locals. With all of the drivers we have experienced so far, we don’t see it stopping for at least another 2-3 quarters”.