Demand From Downsizers For Prestige Property Pushes Brisbane Onto International Stage

24th May 2018

For the first time, Brisbane has joined both Sydney and Melbourne on Knight Frank's 2018 Prime Global Cities Index.

The Prime Global Cities Index is a means of gauging where luxury prices are headed at a time when, despite the global economy being in robust health, there are still significant risks ahead in the form of rising debt, inflation, and greater housing market inflation, says Knight Frank.

Demand for high-end property in Brisbane led to a 3.6 per cent price growth over the past year.

Researchers from Knight Frank attributed Brisbane's new ranking to a growing demand of downsizers looking to buy a home in a good location.

Jermaine Jones, an agent from LJ Hooker in New Farm, told WILLIAMS MEDIA that downsizers are increasingly looking to buy easy to maintain apartments in prime locations.

"What we're seeing at the moment is people who are looking to downsize are generally going from bigger homes into apartments, so they want something that is going to be easy for them to maintain, that is also in a great location," he said.

"Here in New Farm, we have a prime position on the river. We're seeing lots of interest coming from downsizers who want to buy an apartment that is close to the city. They want that city lifestyle in an apartment that is going to be easy for them to look after as they enter their senior years," he said.

Drew Davies, an agent with McGrath New Farm, told WILLIAMS MEDIA he is seeing lots of interest from Sydney buyers who are looking for 'lock and load' apartments in prestige locations.

"Sydney buyers are searching for properties in Hamilton and Ascot in the $1.5m to $2.5m range, and these same vendors are looking at eventually downsizing to easily maintainable apartments for their next move," he said.

Jones told WILLIAMS MEDIA that the Brisbane market is starting to pick up again.

"Things have been a little rough with concerns about the oversupply of inner-city apartment developments, but we're starting to see the market pick up slightly. We're still getting lots of interest from international buyers," he said.

"We've actually had quite a few properties sell site unseen," he said.

Perth also made the list, coming in 21st on the Index.

(Source: The Real Estate Conversation)