Tale of two cities: House hunters ditch Brisbane’s north for east side

first_imgThe Gold Coast has seen a drop-off in housing demand. Photo: Mark Kolbe/Getty Images.Real Estate Institute of Australia president Malcolm Gunning said vendors looking to sell in areas where demand had dropped would need to have more realistic price expectations.“This is a classic time in a changing market where vendor expectation is very different to buyer expectation,” Mr Gunning said.“Six months ago, buyers were often prepared to pay more than what sellers had as an asking price. Now, we have a more conservative purchaser.” Aerial images of suburban houses in Brisbane’s inner north.In Brisbane’s eastern suburbs, house prices have risen 6.5 per cent in just the past quarter, while in the north, they only rose 1 per cent.Realestate.com.au chief economist Nerida Conisbee said the drop in demand for houses in Brisbane’s north could be explained by a steady rise in prices there in recent years.“Typically when we see a drop in views per listing, it’s related to a lot of new development or the fact pricing is getting a bit too expensive and people back off,” Ms Conisbee said.“I think maybe that’s what’s been happening in the north.” SAM RILEY’S HOUSE FOR SALE REA Group chief economist Nerida Conisbee.Ms Conisbee said it was interesting to see demand for apartments in inner Brisbane was up 10 per cent, given the concerns around oversupply.“I think people are looking potentially for bargains and perhaps seeing opportunity in the market,” she said.“We’re also seeing a strong pick-up in overseas interest in Brisbane apartments, so I think a lot of the commentary around discounting is starting to rev up interest.” Outside of Brisbane, demand for houses in Ipswich rose more than 14 per cent in the past year, while interest in units was also strong with a 7.7 per cent increase. V8 SUPERCAR DRIVER LISTS LUXURY HOME An heritage home in Ipswich, where demand for houses has jumped.“We’re seeing quite a bit of upswing in Ipswich,” Ms Conisbee said. “It’s still possible to get something under $300,000, so I think the fact pricing is so good is attracting a lot of interest.”Househunters are also flocking to Toowoomba, which reported a 12.1 per cent increase in demand for houses in the past year.But demand for both houses and units has dropped on the Gold Coast, which Ms Conisbee attributed to a post Commonwealth Games lull and a drop-off in investor demand. WESTPAC PREDICTS TOUGH TWO YEARS center_img More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoReal Estate Institute of Australia president Malcolm Gunning.The data comes as Brisbane continues to defy a softening in home values, despite falls in the larger capital cities, the latest figures from property researcher CoreLogic reveal.The official end-of-month results are released today, but for the first 29 days of May, Brisbane home values rose 0.1 per cent.Year-to-date, they are holding steady.The month-to-date index shows Melbourne values are down half a per cent, while the Sydney market is down 0.2 per cent so far this month.CoreLogic head of research Tim Lawless said Brisbane was outperforming the larger capital cities because its home values were not falling, even though they were not growing much.“Brisbane on paper is looking like a very good market,” Mr Lawless said.“It’s affordable, has high yields and is seeing strong population growth. It just hasn’t seen a kickstart in property values.”DEMAND FOR HOUSES IN QLDBrisbane — East 22.1% Brisbane — North -1.9% Brisbane — South 4.1%Brisbane — West 3%Brisbane Inner City 11%Gold Coast -0.1%Ipswich 14.6%Logan — Beaudesert -3.4%Moreton Bay — North 2%Moreton Bay — South 7.3%Toowoomba 12.1%(Source: Realestate.com.au, based on property views per listing between April 30, 2017 and April 30, 2018)DEMAND FOR UNITS IN QLDBrisbane — East 1.7%Brisbane — North 7.3%Brisbane — South 3.4%Brisbane — West 4.1%Brisbane Inner City 10%Gold Coast -8.2%Ipswich 7.7%Logan — Beaudesert -13%Moreton Bay — North 6.2%Moreton Bay — South 12.2%Toowoomba -10.8%(Source: Realestate.com.au, based on property views per listing between April 30, 2017 and April 30, 2018) Demand for houses in Brisbane has become a tale of two cities.THE territorial divide between Brisbane’s north and south is widening, with new figures revealing house hunters are ditching one side of the river for the other in droves.Demand for houses in Brisbane’s east has jumped more than 22 per cent in the past 12 months, but only a few kilometres away on the northside, the appetite for houses has dropped nearly 2 per cent. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE New research from realestate.com.au paints a tale of two cities within the Queensland capital, with parts of the city a clear seller’s market and other parts providing an opportunity for buyers to grab a bargain.last_img

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