Brisbane property market improving with good investor opportunities around the median price: Herron Todd White
There are some signs of an improvement in the Brisbane property market with a number of suburbs south and north of the city offering good investment options around the median house price, says property valuers Herron Todd White.
The median house value in Brisbane is around $442,000 according to RP Data-Rismark with values up just 1.4% over the past 12 months.
“Brisbane remains fairly price accessible despite some anecdotal strengthening this year, says Herron Todd White in its May market wrap.
“There is a slight spring in the step of agents although few are putting a deposit down on a Bentley just yet.
“Enquiry is up and open homes are more crowded in most instances.”
Herron Todd White writes that market sentiment “seems to be improving with agents reporting greater interest but they still need to work at getting together the buyer and seller on a contract”.
However, there are few signs recent interest rate cuts have resulted in a spike in the number of sales.
“Any median priced buyer would have great options available and if you’re cashed up and ready to move, then you’d be an attractive option for sellers.
“For detached homes, you will be within the five to 10 kilometre radius of the CBD.
“This isn’t bad for a capital city and despite the common complaints about rush hour you would be hard placed to locate a commuter who considers 10 kilometres to be an inaccessible distance from the CBD.
For those looking south of the city, Herron Todd White recommends the suburbs of Tarragindi, Holland Park and SALISBURY where planned infrastructure works and pending town planning changes will make them “even stronger as options for the median priced buyer.
“A typical three-bedroom, three-bathroom post-war cottage on an average size allotment will fall within the $350,000 to $400,000 price bracket.
“The home may not set your heart a-flutter, but it will rent and should prove a solid investment over the medium to long term. Many of these properties do have renovation potential, but this style of house will mean a reasonable sized living area,” says Herron Todd White
There are also opportunities north of the city, but a little further rout.
“Perhaps you’ll pick up some older stock in MCDOWALL or a touch closer in.
“Less traditionally sized allotments might help your price-point if you were to move closer to the CBD and wanted to be in a well serviced location, but renovation is highly likely.
Apartments are a more affordable investment option for those who don’t want to head further away from the city.
“For somewhere over $300,000 you will get yourself a 1980s two-bedroom unit that will find a ready tenant base and should prove very accessible to transport and services.
“Try the areas of Coorparoo and GREENSLOPES on the south side or perhaps the student accommodation end of St Lucia and Indooroopilly/TARINGA. The trip to the city centre isn’t that far and you will have no trouble finding somebody to take on the lease.”