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Rebecca De Britt
The property market in inner-city Brisbane is about to heat up, according to Propell Buyers Advocates' national manager, James Freudigmann.
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With a third of properties on the market under contract and a third of remaining properties going to auction, housing supply in the city is limited and will eventually result in an increase in prices, Mr Freudigmann said.
The suburbs seeing these changes are within five to seven kilometres of Brisbane’s CBD and include Toowong and St. Lucia, Balmoral, Ascot, Wooloowin, Kangaroo Point and Woolloongabba, although there are also many more.
Mr Freudigmann said it was important to keep in mind that houses under $600,000 formed part of this trend, representing a sector of the market that is in demand both from investors and owner occupiers.
“Media often talk about the Brisbane market having too many listings, and properties taking a long time to sell,” he said. “A majority of market information is based on Brisbane as a whole, which encompasses a very large area and includes all market segments. The inner-city market operates differently from a majority of the Brisbane market.”
