Brisbane market on the move

Brisbane market on the move

Posted on Friday, November 22 2013 at 3:00 PM

More than $80 million worth of residential property was sold in Brisbane in October by Place real estate, says chief executive officer Damien Hackett.

The record sales month is an indication Brisbane’s property market is strengthening
especially in the sub $1 million price bracket, Hackett says.

In addition to the strong sales figures in the inner east and inner
north, the real estate agency has also found time on the market for listed
properties has significantly reduced while auction clearance rate have increased.

“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,” Hackett says.

“Essentially, the strength in the market that we are witnessing in
Brisbane is contrary to recent reports that suggest the recovery is only taking
place in Sydney. The Brisbane market is exceptionally strong, and we expect to
see it only improve from hereon in, with all the fundamentals lined up for a
solid 2014.”

Hackett added that the Brisbane market was benefiting from pent up buyer
demand that has been building since the city’s floods in 2011.

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