Good news for Brisbane with almost one in three houses selling for more than their list price.
According to an exclusive RP Data report for leading mortgage broker, Aussie, in the year to June 30, 2014, 32.5 per cent of houses and 28.3 per cent of apartments in Brisbane were sold above their list prices.
Chandler, Mansfield and Gordon Park can boast being the top performing suburbs for houses.
Meanwhile Tanah Merah, Holland Park and Coorparoo are the best local suburbs for apartment sales above the listed prices over the same period.
Executive chairman of Aussie, John Symond, said the findings show the improving demand for properties in Brisbane, where home values have grown 6.9 per cent over the last year.
The suburbs with the most properties selling above list prices are located close to Brisbane’s CBD.
“Homes on average are also selling faster than before, down from 55 days to 48 days on market in Brisbane, so buyers should be prepared to think quickly, act smart and go into their property search with their mortgage pre-approval sorted,” he said..
“Knowledge of the market and a strong will not to stretch themselves beyond their means is also critical, especially if interest rates rise as they’re tipped to do in 2015.
“I’d like to think that if I’m speaking to a real estate agent (in Brisbane) then I expect the agent to be an expert. I would think that an agent would have a better idea than I would and I would want the real estate agent to give me some sort of guide that I can understand.
“Consumers aren’t property experts in the majority and they do need some guidance and it is hard for agents in this market to predict accurately where the price is going to land.”
He said overall Sydney and Melbourne have been the star property performers, but the cities that have been slow to start and are gaining speed are cities like Brisbane.
“I’m a fan of Queensland housing. In terms of looking for value I would have a very close look at investing in cities like Brisbane.”
Original article published at www.news.com.au by Alex Tilbury, The Courier Mail 11/9/2014