DEMAND for greater Brisbane real estate is on the up and up with some suburbs as much as doubling their web hits from home-hunters compared with the beginning of the year.
Mansfield, in Brisbane’s southeast, topped the list as the suburb with the biggest jump in buyer demand.
According to figures by realestate.com.au, there was an extra 60 potential buyers searching in Mansfield per listing in the week beginning September 8 compared with the week beginning January 6.
It jumped from an already-impressive 83 to a massive 143 home-hunters per home.
Ray White Mt Gravatt agent Rod Sorensen said he was not surprised by the figures.
“It’s a previously forgotten pocket in Brisbane’s southeast but has seen a surge in buyer demand,” he said.
“It’s seen as a really convenient position and a very sought-after family suburb.”
Mr Sorensen, who lives in Mansfield himself, said the area was traditionally tightly-held but a generational change meant more homes were coming onto the market.
And he said once they were available, they sold quickly.
“We’ve seen huge demand and properties sold within days,” he said.
“I just think it’s a more reasonable price point than (nearby) Holland Park and Mt Gravatt East.”
The median sale price in Mansfield was $475,000 in the 12 months to June, according to RP Data.
“They’re high prices for 40-year-old homes that are largely original,” Mr Sorensen said.
After Mansfield, other suburbs that experienced a particularly large surge in buyer demand in the past eight months were Ransome, Gordon Park, Everton Hills, Gaythorne, Wooloowin, Belmont, Mt Gravatt, Chelmer and Stafford.
They each gained between 33 and 52 extra potential buyers per listed property.
realestate.com.au Queensland state manager Ben Hodge said there had been an increase in market activity across the state coming out of winter.
“Following the election and as a result of low interest rates, consumer confidence is high,” he said.
“With plenty of demand for property, it is looking to be a very strong spring selling season.”
The increased buyer demand backs up findings from the annual realestate.com.au Housing Affordability Sentiment Index (HASI), which this year analysed the attitudes of 2400 Australians towards the cost of housing.
That report revealed a general trend across all states and generations toward a brighter outlook on property prices compared to 12 months ago.
But Queenslanders and Generation Y in particular were shown to feel most positive.
According to HASI, first-home buyers were returning to the market, making up 46 per cent of those looking to buy compared with 28 per cent at the same time last year.
They were driven largely by an optimistic outlook on their finances with 45 per cent expecting their position to improve over the next six months – significantly more than any other generation.
Financial commentator and Finance Editor for research and ratings organisation CANSTAR, Justine Davies, said consumer confidence was vital to the property market.
“If there is no, or low, confidence some owners will delay listing, which reduces the available stock and therefore the flat market becomes a self-fulfilling prophecy!” Ms Davies said.
Original article published at www.news.com.au by Melanie Burgess and Teela Jurgensen, Quest Newspapers 4/10/ 2013