Friday, January 24, 2014

Interstate Property Buyers

The AFR had a story on page 3 on Wednesday this week: "Interstate property buyers see value in northern exposure."  Some extracts:
  • Investors from Sydney and Melbourne are flocking to Brisbane's apartment market seeking better value for money after being pushed out of increasingly expensive southern cities.
  • Brisbane developer Silverstone Developments reports that 72% of off-the-plan sales in its Vertice project at Dutton Park were sold in interstate buyers.
  • Other developers are all reporting surging interest from interstate buyers.
  • Mirvac's chief executive for residential said there was an upswing in sales of quality Brisbane properties to interstate investors due to the low rental vacancy rates and increasing rental yields in prime locations across Brisbane, as well as the price differential between Brisbane and those in southern states.
  • Since 2007, the gap in prices between Brisbane and Melbourne/Sydney has slowly opened up again.
  • Further interest in Brisbane will be contingent upon how may jobs the south-east of the state creates.
  • There is a lot more value for money in the Brisbane market, according to Metro Property Group.

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