What’s Happening In The Brisbane Property Market?

Hi guys! Naomi Findlay here, your Rapid Renovation expert.

What’s happening in the market is always a hot topic. I was lucky enough to sit down with Mark Kentwell, principal at PRD Nationwide Newcastle and Lake Macquarie, to hear exactly what is happening in the Brisbane and Gold Coast property markets.

Disclaimer: All information contained herein is gathered from sources we deem reliable. However PRDnationwide cannot guarantee its accuracy and act as a messenger only in passing on the details. Interested parties should rely on their own enquiries.

Key Points: 

Brisbane:

• The Brisbane property market has had a slight over supply of appartments in some areas. As a result, buyers are receiving better deals, able to negotiate harder with suppliers, collecting more inclusions and rental guarantees, and stamp duties can be refunded in cash.
• 18 months from now, if population has grown at projected rates and if jobs are accessible, this over supply is likely to fall.
• Auctions are a good method of sale.
• Pick bluechip and not somewhere that can be easily replicated; boutique appartments, locations close to the CBD and river, townhouses, and 50-and-under appartments are least likely to be replicable.

Gold Coast:

• After the GFC, the Gold Coast market cooled, a lot of developments ended up in receivership. All development sites were bought back at a much lower multiple than what they were bought for.
• One to two years ago, a lower percentage of sales were in receivership, and purchasing increased – particularly from the Asian market.
• Currently, the Foreign Investment Review Board has slowed this increase. Stamp duties a getting up to around 8% of purchase price, therefore it is not as lucrative to move capital out of China into Australia.
• The Commonwealth Games and Light Rail have been huge successes in the Gold Coast’s economic drive.
• The Gold Coast is currently having good recovery in the housing and appartment market.

Disclaimer: All information contained herein is gathered from sources we deem reliable. However PRDnationwide cannot guarantee its accuracy and act as a messenger only in passing on the details. Interested parties should rely on their own enquiries.