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The Brisbane property market is making a staggering recovery, with the sub-$1 million price bracket leading the way.
CEO of Place Estate Agents Damien Hackett said activity in his franchise network indicated a revival of the market.
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“Greater than 80 per cent of the 97 properties sold in this category, which demonstrates it is undoubtedly leading the recovery in Brisbane’s residential market,” he said.
“Fifty-two per cent of homes sold by Place across these two offices during the month of October were priced between $600,000 and $1 million, while a further 28 per cent were priced under $600,000.
“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 brackets, which makes sense.”
According to Mr Hackett, buyers are becoming increasingly confident in the economy, and with employment relatively secure and salaries stable, combined with record low interest rates, the market is powering along.
“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.”
