Property values in southeast Queensland are tipped to outstrip the rate of growth in Sydney

 

Market specifics, a microeconomic review of South East Queensland

“Property values in southeast Queensland are tipped to outstrip the rate of growth in Sydney within the next couple of years”

Pimpama State Primary 2015

Pimpama State Primary College has been fast tracked two years

to accommodate the uplift in Northern Gold Coast population

and is set to open January 2015.

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THE rate of growth in property values in south east Queensland is tipped to outstrip the growth Sydney has already had, within the next three to five years.

Brisbane has become a desirable city for buyers, according to McGrath Real Estate chief executive John McGrath.

He predicts it will become the real mover in Australian real estate.

As a result the agency has opened another office in Brisbane, this time in New Farm, where Mr McGrath believes there is future strong growth.

“I believe we can expect to see at least double the growth of Sydney values over the next few years,” he said.

He said New Farm had huge growth opportunities, new development and a strong investment market.

McGrath New Farm principal Matt Lahood, said residential real estate in New Farm had bounced back and he believed there was more growth to come.

The median house price in the suburb is now $1.28 million, up 28 per cent for the past year.

Recent sales include $1.27 million for a three-bedroom waterfront apartment in New Farm in October this year.

New Farm’s median house price is now among one of the highest in Queensland, it is second only to blue chip Ascot which has a median house price of $1.3 million.

Its median unit price was $560,150, well above Ascot’s $431,000.

According to the latest CoreLogic RP Data figures New Farm has also had more house sales, during the past 12 months than Ascot.

Of the 88 sales chalked up in New Farm 44 of those would have been for more than $1.25 million.

Mr Lahood said there was a lot of investment in the New Farm area and with new developments continuing to be built he said it appealed to investors and owner occupiers.

“The market is very strong down there,’’ he said.

“I believe there is a lot of growth left in the market.’’

He said rentals were also going strong with many executive properties easily commanding $1000 a week.

 

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