Hi all, Everyone seems to have forgotten about Brisbane property in this COVID world. I was wondering whether this was due to it being several housing bubbles and thus cannot paint it with same brush OR the Sydney and Melbourne scenarios are so good awful that Brisbane is somewhat flying under the radar? Finally I am interested in gauging feedback on your thoughts on the impact it will have on areas with solid Asian/Chinese influence such as Algester, Calamvale, Runcorn Sunnybank, Sunnybank Hills Mt Gravatt etc. These are the bubbles I'm alluding to. Brisbane in general is sort of carrying on as if it's business as usual besides the increasing rental listings. We'll save that for another day. Thanks folks.
It is the calm before the storm...with 10 -15% unemployment, defaults coming in 6 months..... when the mortgage freeze wears off...winter is coming....brisbane will still be be affected just less so than other cities as prices are lower...
Except the people that are buying there, financed 4 Brisbane purchases this month. Can you elaborate please? Otherwise seems like speculation at best
I am not a real estate expert nor in the field but I focus on those areas a lot so was just wondering how Calamvale and some of the areas I've mentioned that are nearly 20Ks away from the CBD are still incredibly overpriced? Genuine question hence my post overall? Can't possibly be just the land size surely?
Tarragindi, Holland Park, Holland Park West? For approximately the same amount of land size and less than half the proximity to the city, better schools and facilities?
Interesting, I'll just use Holland Park and Calamvale for research purposes. Quick look on realestate shows a 4x2x2 on 600m2 for $590K in Calamvale Vs a 4x1x3 on 603m2 for $900K+ in Holland Park. RP data shows median value of Holland Park at $778K Vs Calamvale at $667K Upper Quartile price: Holland Park = $916K Calamvale = $750K Lower Quartile price: Holland Park = $650K Calamvale = $550K Hope this helps
Thank you Lindsay, it does clarify it a lot better. Thank you. Well if you still think paying 750K for nearly 20ks from the city is not overpriced I do respect your opinion. I genuinely appreciate this btw. I suppose it's too early to get figures for those suburbs and their surrounds to see what sort of numbers they are doing sales wise?
The Chinese buying in Sunnybank, Parkinson, McGregor, Eight Mile Plains, Stretton and now Rochedale don't really care that it's 20km from the CBD. This has been happening for as long as I can remember, 30 years at least. It's more about community, language and familiarity. Strangely enough properties on main roads are often more expensive, especially on larger blocks, this might be due to council re-zoning and the ability to run a home business. I'm not sure how many Chinese students and citizens will be arriving any time soon. My bet would be that this market will be very quiet for some time. As for Brisbane generally, it will have to take it's medicine just like australian property generally, Brisbane prices relative to income look very affordable compared to most markets but I think job losses will hurt Brisbane just like other cities.
Hugh this is incredibly helpful. I was analysing the need to hold property in those suburbs and the likelihood of devaluation but your point about their search for community makes me think the demand WILL still be there even if it's on the main road. With regards to the students and the visitors, I do agree with you we may be waiting for sometime yet for them to return. Thanks again.
I don't think there is too much value in lumping all Brisbane rentals advertised and vacancy rates together. There are markets within markets.. inner city blue chip (strong owner occupier demand) properties will weather this storm quite well.. why? listings have dropped off the edge of a cliff.. at least in my area. If people don't need to sell immediately, they'll wait. In fact, there are so few listings and still a bit of demand that it will be interesting to see if the few listed will sell higher than normal? One local listing has a list price, that if it sells for this price will be new record for the size of land and condition of the dwelling..
I never gave an opinion because I don't have one, you said there's a bubble, I put the facts there and you cherry picked the Upper Quartile price of $750K, ignoring the median value of $667K and the lower quartile price of $550K, that's on you not me
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