Tag archive: real estate

Lachlan Fearnley Brisbane

Brisbane House Price Growth Slides to a 5-Year Low

Home prices in Brisbane have fallen, leading the annual growth to drop to a five-year low.

According to the latest Domain Group’s quarterly house price report released in late April, median house prices were down 0.4 per cent across the area, while unit prices dropped by 1.9 per cent.

Alex Jordan of McGrath Paddington told Domain that changes in Sydney might have influenced buyer activity in Brisbane. “I think the change to Sydney’s market is affecting our confidence,” Jordan said. “When Sydney is going up, we look at them as a leading indicator, so when they turn, confidence in our market also goes down.”

This is despite the fact that the city made the latest Knight Frank Global Residential Cities Index as one of the world’s cities with highest home price growth last month. Brisbane achieved the 100th rank with a growth of 2.1 per cent in the past 12 months, beating cities like Beijing and London.

However, local agents claimed that sales were robust for Brisbane real estate. “Overall, the data might show not much is happening but in certain areas, there will be a real momentum and demand driving things along,” said Lachlan Walker, advisory director at Place. “We’re also a very seasonal city when it comes to property — traditionally things are quieter in the March quarter and September quarter.”

Noosa’s Property Market Growth Continues

Noosa real estate market has continued to grow, thanks to limited land supply and increasing demand from international visitors and expats.

The median house price in the suburb grew by 6.2 per cent in 2017, just around $15,000 under Brisbane LGA’s median price.

In February, a record $22 million deal was made for a seven-bedroom beachfront estate at 21-23 Webb Road. Only two weeks earlier, Pat and Lara Rafter’s beachside mansion was sold for $18 million. In November, a property in Noosa’s north shore and another at Noosaville each sold for over $10 million.

Michelle van der Splinter, sales agent at Tom Offermann Real Estate said Noosa’s performance was at its best over this summer season.

“Wealthy sea-changers, those from interstate and overseas, make up nearly half of our interested buyers for top end houses along the beachfront and canals, and are adding to the strengthening market,” said van der Splinter.

Offermann himself said the tourist destination’s attraction reaches way beyond the local population. “Many think of it as a northern suburb of Sydney; even ‘Toorak in shorts’ for Melburnians,” he said. “But expats from London, Dubai, Hong Kong, Shanghai and Singapore have been very active in the past year.”

Real Estate Institute of Queensland CEO Antonia Mercorella said Noosa’s natural topography is what makes the property market both desirable and limited in supply. “Noosa’s world-class beaches, stunning natural bushland settings and wonderful warm community are factors that are fanning the flames of buyer demand,” said Mercorella.

“It is inevitable that this will push up prices.”