That might not win us the sprint, but we’re pacing ourselves for the marathon.
“Compared to the other, larger markets we’re still not seeing Brisbane showing any sort of surge in the pace of capital gains, just not yet anyway, but we are seeing some signs of population growth which is starting to improve from interstate,” CoreLogic director of research Tim Lawless told realestate.com.au.
Brisbane’s affordability – with a median house price half that of Sydney – was like honey to a bee for buyers fleeing overheated southern markets.
“Our median house price is slightly behind $500,000. That’s $200,000 less than what is in Melbourne and about half of Sydney’s, so I think that’s going to become more and more attractive to buyers in the long run,” he said.
Detached homes within a seven to ten kilometre radius of the city were “rock solid” according to Property Search Buyers’ Agency director Scott McGeever.
The Gold Coast and Sunshine Coast were also benefiting from the affordability advantage, particularly amongst buyers seeking lifestyle ahead of career.
Caution should still be exercised if considering unit purchases particularly closer to the CBD where an oversupply was presenting great buying opportunities, but limited opportunity for near term capital gains.