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Family homes and luxury properties have helped deliver a healthy and sustainable market in Brisbane, according to one industry boss.
Place Estate Agents chief executive Damian Hackett said 2015 has continued the strengthening of the Brisbane market that first started 18 months ago.
“This is the recovery from the lows that we saw in 2011 where the economy was affected, but in Brisbane particularly the effects of the floods really saw confidence disappear from our market,” Mr Hackett said.
Mr Hackett said Place is seeing market activity it hasn’t seen since 2006 and 2007.
However, this growth is a lot more moderate than Sydney and Melbourne, and is at a level that benefits both buyers and sellers, according to Mr Hackett.
“We've seen between three to five per cent price growth in most areas,” he said.
“In the $500,000 to $700,000 price bracket, where you see owner-occupiers competing with investors, we have seen really strong growth,” he said.
“Another particularly strong section of the market has been the upper-end, so properties above $3 million, even up to $10 million along the riverfront and on the hills in the inner suburbs of Brisbane.”
Heading into winter the number of listings on the market tends to shrink, but Mr Hackett said this seasonal change to market activity is driven by the southern states.
“If you look at the weather and the climate down there in June and July it’s not a great time to be selling real estate, but it is probably the best weather of the year that we experience here in Queensland,” he said.
“We see this as an opportunity for vendors to get out there and encounter better selling conditions because you're facing less competition.”
[Related: Brisbane is a ‘city to watch’ in 2015]
