Brisbane housing market has shown a steady increase in property value over the past few years and its property prices are expected to increase in 2017. Many suburbs near Brisbane city are booming and showing high growth potential. However, there are some zones that have performed better compared to the rest, so we’ve compiled the best suburbs to buy and sell in Brisbane right now. Purchasing is influenced by factors like affordability and the facilities that are available in that locality. Locality to shopping centres is also a key factor when people are looking to buy. In 2016, 9 suburbs out of 10 that exceeded the sale value of $1 million were situated near metro shopping centers. Another reason for increased property prices during the past five years is a shift in the demographics. A large portion of the population consists of Millennials who have different preferences compared to mature age buyers.
Locations with the following facilities have been determined as to what Millenials are particularly looking for:
- Restaurants and cafes
- Affordable housing, and
- Night life
We’re looking at nine suburbs where buyers and sellers can get a strong rate on their investment and properties respectively. The selection is based on three main factors, including:
- Rising demand,
- Increased sales, and
- Healthy growth during the past few years.
The suburbs have been divided into three categories, i.e., top suburbs, premium suburbs, and affordable/great value suburbs.
Top suburbs to consider are Kelvin Grove, Hawthorne, and Highgate Hill. Hawthorne was a top choice for the high end market of Brisbane. Listed are some of the reasons why people decide to go for these blue chip suburbs:
- Easy access to schools
- Near the Central Business District (CBD)
- Proximity to the Brisbane river, and
- Access to the entertainment sector
Roger Carr, the principal of the Ray White Bulimba, also acknowledged the fact that Hawthorn is among the leading suburbs. He further said that it is like Ascot yet in the southern part of the region. There is a high barrier to entry, because properties are worth over one million dollars. Carr also said that these prices reflect the people’s preferences and what they are willing to pay in order to live in a place like that.
Toowong, Sinnamon Park, and Burpengary East fall under the category of premium suburbs. In 2017, Toowong would fall among the best premium price band in terms of performance.
The reasons for highest property sale in the region are as follows:
- Good quality infrastructure
- Proximity to the University of Queensland
- Access to high quality schools
These are some of the appealing opportunities for buyers. Although, median prices are shifting to high price ranges, a large number of the population still wants to buy a house in this region. Vern Gilbert, a real estate agent in Toowong, said that the prices keep increasing in this area with only a few fluctuations during the past ten years. He also said that the economic collapse of 2008 had a very little impact on the suburb because of its infrastructure.
Great Value Suburbs
Three names that come under the category of affordable/great value suburbs are Redcliffe, Heritage Park, and Keperra. Redcliffe has shown high growth for two consecutive years. The region is a high attraction for people because of continuous development in its surrounding area. It also has a number of private as well as public schools.
According to Jan Jones, a Realtor, it is a safe option for individuals who have families, or for those who are near retirement. Redcliffe offers a lifestyle that everyone desires. It is expected that the Redcliffe Peninsula will experience a growth in 2017.
The trend is changing with more Millennials forming part of the overall demographic. However, a large population still prefers to move to areas that have proximity to schools, universities, and CBDs, it resolves the commuting issues and makes it easier for individuals to have access to basic necessities of life. Brisbane has shown massive growth in real estate over the past few years.
If you’re looking to buy and would like to know about your borrowing capacity speak to our team of mortgage brokers now. Contact Joshua direct on 1300 088 065 or email him Joshua.Vecchio@HunterGalloway.com.au