Platinum Author
The prestige property market has started seeing positive changes this year after a substantial fall during the Global Financial Crisis.
Demand from owner-occupiers has returned in 2010 with many deciding now is the time to buy.
According to agents in the prestige market, many buyers are from wealthy, well established families who already live in the area and want to upgrade. Local and foreign investors and expats are also showing increasing presence in the market.
Design, lifestyle and location are the major factors in attracting buyers.
In 2009 values decreased, often dramatically, and there were many reports of "forced sales" due to the conditions in the economy. A happy medium between buyers and sellers is now being met in the Brisbane market and some properties are even reported to be selling for more than they would have two years ago.
The number of Brisbane residents who can afford to spend more than $1 million on a property has also increased over the past few years
Traditional markets, such as Ascot and Hamilton, have seen resilience along with areas like Hawthorne, Bulimba and St Lucia. The biggest growth, however, over the past 10 years has been New Farm which has seen its popularity increase for both riverfront and non-riverfront properties due to its retail precinct and close proximity to the CBD.
Urban renewal in New Farm is also expected to increase its popularity and value.
2010 has seen a number of successful sales within up-coming prestige apartment projects, including Promenade Hamilton Apartments at Portside Wharf, One Macquarie at Newstead and Aquila at New Farm.
About this Author
Tara Downey is Communications Officer for McGees Property, Brisbane. She has a media background spanning more than 10 years with working experience in business reporting, travel writing and newspaper journalism. McGees Property specialises in commercial real estate with our successful and highly skilled sales, leasing, valuations and professional services, and asset management teams. http://www.bne.mcgees.com.au
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