Brisbane’s luxury real estate market is attracting more buyers in recent times as per the latest reports. Buyers relish the higher value that they get in Brisbane for their investments, particularly since they can snap up prime and high quality properties at comparatively lower prices as compared to several other places. Several families and companies are also shifting base to Brisbane in recent times.
As per studies, Brisbane is the highest performing capital city in the entire country, having witnessed growth of 1.2% in home prices over the last 12 months as compared to price declines of 3.2% and 6.5% in Melbourne and Sydney respectively. Yes, growth is not in double digits but there is still ample scope to earn higher returns. In fact, as experts state, home prices in the premium and top-end housing category are doing better than home prices at the lower end of the spectrum.
Hamilton is one of those suburbs which has witnessed median prices touching $1.4 million with growth of 21.2% over the last year. This is 9.7% for Ascot with median prices touching $1.59 million here while prices have gone up in New Farm by 81.1% over 5 years. Teneriffe has seen growth as well. Sales volumes have also gone up considerably for homes priced between $7-10 million as per reports.
Several local entrepreneurs are buying homes along with expats and other aspirational families who are drawn to Brisbane’s overall affordability, liveability, lifestyle, availability of reputed educational institutions and overall realty market stability. Several buyers are upgrading to a bigger property and there are several expats and other buyers coming from cities like Melbourne and Sydney and they are looking for premium luxury apartments and other renovated housing units. Price growth is also being aided by the supply constraints in the Brisbane luxury housing market according to experts.