The property market is looking the best in five years, as properties are being bought in a matter of days.
New figures have revealed a buying frenzy in Stafford Heights, the north Brisbane suburb topping the list for where more buyers are looking per sales listing than any other area in the state.
The top 10 – also including Holland Park and Spring Hill – have been singled out by website realestate.com.au, with Ray White Queensland chief executive Peter Camphin saying properties in a 5km radius of the City had become particularly popular in the recovering market.
“The days on the market are shortening and a lot of buyers are now realising now is the time to buy,” he said.
“The gap for what properties are listed for and sold for is narrowing – it’s moving into a seller’s market.”
Other hot suburbs in the top 10 include Wilston, Newmarket, Red Hill and Camp Hill.
Real Estate Institute of Queensland managing director Anton Kardash said demand was now surpassing supply due to low interest rates and high buyer’s confidence – commanding the best start in five years.
“We’re coming off a very low base but this movement is very positive,” he said.
CommSec economist Savanth Sebastian said consumer confidence was sitting in a relatively positive setting, feeding into retail then further into real estate market growth.
“People have been seeing a build-up of the wealth in their home and households feel a little bit more equity there and willing to go out and spend a little more,” he said.
Properties in the Grange, Mount Gravatt and Graceville round out the top 10 list, but other suburbs such as the Sunshine Coast’s Golden Beach as well as North Lakes and Indooroopilly have grown in popularity.
Southport on the Gold Coast is another rising star, thanks to recent infrastructure projects and a revitalisation of the suburb, which is billed as the Coast’s business heart.
The suburb has made the top 20 best-selling suburbs nationally, reaching No. 2 in Queensland for its unit sales behind Surfers Paradise, according to RP Data figures.
Burton & Ryan Property Agents partner Ryan Hoelzl said it was Stafford Heights’ affordability and proximity to shops and infrastructure like the AirportLink that made it so popular.
“The market is just crazy, it’s unbelievable,” he said, adding the Stafford Heights market had experienced its best start in at least seven years.
The median sale price in Stafford Heights is $462,500 and the latest RP Data figures show houses spent on average 51 days on market, well below the overall Brisbane average of 83.
Ray White Property and marketing specialist for Holland Park Dianne Deem said a home at 22 Contay St sold for almost $770,000 within three days.
“We can’t keep the stock levels up – they go on the market and they’re gone within the week,” she said.
Top 10 seller’s markets:
1. Stafford Heights
2. Holland Park
3. Spring Hill
6. Red Hill
7. Camp Hill
9. Mount Gravatt
A four-bedroom Indooroopilly home, which sits on 1255sq m within the coveted Golden Triangle, was put on the market on January 10 and sold within 24 hours.
With a lounge complete with a fireplace, separate formal dining area and a huge solar-heated saltwater pool, 152 Harts Rd sold for the asking price.
Property co-owner Ray De Jonk said he was extremely happy with the deal, with the home selling for $1.56 million to fit in to the expected asking price of between $1.55 million and $1.65 million.
“The remarkable thing about the sale of this property was the speed – admittedly it is a fantastic area – but I was quite amazed,” he said.
“There is a demand, I think, and a good-quality property is always going to go well … but timing is everything when you’re selling.”
McGrath Estate Agents Paddington sales agent Alex Jordan sold the property with an idea it would sell quickly.
“The buyer is in the sandstone business and plans on doing a major renovation, something which I’m sure will be very impressive,” he said.
“This is the best market I have seen for more than 10 years, with strong buyer demand for prestige property priced between $1 million and $3 million.
Low interest rates and demand from offshore and interstate buyers is fuelling the price growth in the Brisbane real estate market.
Original article published at www.news.com.au by Brittany Vonow & Teela Jurgensen, The Courier Mail 8/2/14