Sales figures prove that the Brisbane residential property market is picking up, with the sub-$1 million price bracket leading this growth.
Brisbane’s Place estate agency enjoyed a record month of sales for October, selling more than $80 million worth of residential property between two of its offices alone.
Place CEO Damien Hackett says the offices – in the city’s east and inner north – are trailblazing recovery in the affordable price bracket of Brisbane’s residential market.
He primarily attributes the pace pick-up to record low interest rates, relatively secure employment and stable salaries.
Furthermore, a release from “pent up buyer demand” which Hackett says has been building since the 2011 floods.
“Greater than 80 per cent of the 97 properties sold in the sub-$1 million category, which demonstrates this bracket is undoubtedly leading the recovery,” he says.
“With only 17 per cent of the homes being priced over $1 million, it is evident buyers are most active in the more affordable price bracket, which does make sense.”
Other figures indicate a positive outlook too, such as a reduction in property listing times and an increase in auction clearance rates.
“The number of days homes in the sub-$1 million price bracket were sitting on the market in October was 41, which is far less than the average for the six month period from January to June, which was 68,” Mr Hackett said.
“Meanwhile, the auction clearance rate for auctions held between the beginning of October and now is 81 per cent, which is very high.”
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