Property affordabilty lures Sydneysider to Brisbane‏

Property affordabilty lures Sydneysider to Brisbane‏
Property affordabilty lures Sydneysider to Brisbane‏

Soaring residential property prices in Sydney are driving people across the boarder to take advantage of Queensland's comparatively affordable market.

The trend is tipped to continue, according to an industry leader, Brookfield Residential properties general manager, Lee Butterworth, who noted the phenomenon was a usual part of the property market cycle and had occurred several times in the past. 

“When we see Sydney and Melbourne residential prices start to peak there is usually a flow-on effect that positively impacts the Queensland market within the following 18 months,” he said. 

“We are starting to see that now and I believe it will continue to gain momentum throughout 2015.

"What you can get for your dollar in Brisbane is superior in terms of size and location to many markets interstate and buyers see the value that our property represents.”

One such buyer who has bought in Brookfield’s prestigious Portside Wharf development on the Brisbane River at Hamilton is Sydney based, Brisbane bound, Tenille Kelly.

Ms Kelly has packed up her home in Cronulla and moved to Brisbane to avoid "living in a shoe box".

The 35 year old revenue manager has purchased a two bedroom plus study apartment on the second level of Pinnacle at Portside Wharf complete with river views and a car space - something she said she could never have afforded in Sydney. 

"Looking at apartments in Sydney is scary," she said. 

"It came down to pricing and what I could get in Brisbane in terms of apartment size, views, quality finishes and location was far better than anything I could afford in Sydney so it was absolutely worth the move."

"Thanks to the affordability of the market here, I now have plans to purchase an investment property in the precinct in the next 12 months."

Ms Kelly said when she started to investigate the Brisbane market she looked at several areas including West End and Fortitude Valley.

She said the fact that Portside Wharf and the greater Northshore Hamilton urban renewal development had a vision and a master plan played a huge factor in her decision on where to purchase.

"For me, being able to see where the area was headed and what it would look like in 15 to 20 years was really important," she said.

"The future plans include plenty of parks and open space so you know it will retain its feeling of openness and not end up an industrial area."

Portside Wharf is home to 40 retailers and six residential buildings. It is located six kilometres from the CBD and 15 minutes from the domestic and international airports and with easy access to major roads and public transport including the CityCat.

Prices in Portside Wharf's latest stage Pinnacle, which is now more than 75% sold, start from $610,000.

Tags: 
Residential Property Housing Prices

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