Cheaper Brisbane on southern investor radar, but has the market already turned?
The push by southern investors into Brisbane is reportedly underway because of its cheaper offerings.
Hopeful investors are now looking outside NSW for deals, attracted by prices in Brisbane which have grown by just 2.8% over the past year.
Its private treaty median house price is $440,000, well under the $685,000 in Sydney where the annual growth has been 11.5%, according to RP Data.
But the latest data suggests Brisbane's residential property market is starting to gain some momentum with more sellers achieving profits when they sell.
The Real Estate Institute of Queensland housing market review reveals an increase in suburbs where all sales during the past 12 months were for more than owners originally paid.
In Brisbane, 20 suburbs recorded 100% of sales making a profit, up from just eight suburbs in the prior quarter.
The suburbs include Mt Gravatt which has a $500,000 median, Albion with a $575,000 median and Nundah with its $610,000 median.
Chandler and Rochedale both had 100 profit making sales over the past year recording $1 million medians.
Across Brisbane some 85% of sales were at a profit, up slightly from last year when 84% were at a profit.
Of course the buyer intensity isn't qute the same as Sydney's, alowing interstate buyers time to research and reflect.
This comes through in RP Data's latest capital city average time on market and vendor discounting results for houses.
Sydney 27 days -4.3%
Melbourne 34 days -5.6%
Brisbane 59 days -5.9%
Adelaide 59 days -5.8%
Perth 58 days -4.8%
Hobart 55 days -.8.2%
Darwin 70 days -7.1%
Canberra 30 days -3.9%
