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Recent price declines in inner city suburbs have spurred investors into action.
Research by Colliers International found Spring Hill in Queensland was a hotspot for investors with house prices dropping by 23.5 per cent and units dropping by 9.3 per cent between March 2008 and March 2009.
According to the company’s residential executive James Warr, investors are flocking to the region to take advantage of discounted properties.
“Latest figures show a whopping $230,000 was slashed off the median house price and $35,000 off the median unit price in Spring Hill,” Mr Warr said.
“There is no doubt that property values have dipped but the future for this suburb is incredibly strong,” he said.
Despite this sharp decline in median price, this region has sustained a strong five year growth rate of 10.5 per cent per annum, outperforming the Brisbane average of 5.5 per cent.
Mr Warr has sold 13 apartments and a block of land in Spring Hill in the past five months to buyers looking for investments in the recovering market.
“While interest rates remain at 40-year lows, investors are benefiting from lower holding costs and increasing buying power to take advantage of lower prices across the city,” he said.
“I’ve got a waiting list of buyers wanting to purchase in the suburb.”
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