Brisbane gains ground on southern capitals
01st Apr 2013
Property investment advisers Grow Consulting Group believe the city is quickly becoming the place to be seen.
Managing director Ayda Shabanzadeh said recent urban renewal and development at multiple inner-city suburbs meant Brisbane was getting a facelift while traditionally fashionable spots down south were starting to look dated.
Apartment development in a number of areas was offering more options for residents who wanted to live close to work.
"Trendy new restaurants, bars and shops with a distinctive international feel are being established in a number of urban inner-city Brisbane areas including South Brisbane, Milton, Fortitude Valley and Teneriffe,'' she said.
"So, as well as traditional shopping and dining hubs like Bulimba and Paddington, residents now have a much wider choice of dining, shopping and entertainment precincts, all within easy access of transport.
"Sydney and Melbourne's trendy precincts, like Chapel St and Surry Hills, are starting to look tired
in comparison to Brisbane's new offerings.''
Brisbane has more than $1.4 billion in residential apartment buildings now under construction in the CBD and fringe.
New options for inner-city living include two projects in Fortitude Valley worth a total of $483 million, two in Bowen Hills valued at $230 million and three South Brisbane towers totalling $197 million.
Many developments include ground-floor supermarkets, retail space and restaurants.
McGrath Real Estate chief executive John McGrath described Brisbane as becoming an increasingly aspirational place to live and an important centre for Australian business.
He said that while buyers lacked confidence in 2012, this year should bring a noticeable increase in inquiry for properties priced under $1 million and located within 5km of the CBD.
"Buyers are taking advantage of great value in prime inner-city
suburbs,'' he said.
Mr McGrath tipped West End - with its cafe culture and proximity to Southbank - as a suburb to watch.
Ms Shabanzadeh said infrastructure development was helping to increase demand for Brisbane housing.
"Property values in Brisbane are up two per cent to a median of $432,250, which is not surprising giving the great opportunities currently available and the increasing population,'' she said.
"Given the remarkable interest rates and wide choice of investment opportunities - many with incentives that will never be repeated - savvy investors are entering the market now.''
Source: The Sunday Mail Queensland