According to property research company RP Data, almost one in three Brisbane properties are now selling above their listing prices.
This will come as welcome news for homeowners and property investors alike, representing growing demand for the River City.
More surprising though, are the suburbs where asking prices are being beaten on a consistent basis. Here we look at three of these most popular Brisbane suburbs.
Gordon Park offers buyers a mix of pre-war and post-war architecture, with nearby parkland to explore. Property tends to be on the generous side in terms of size, and though local amenities such as restaurants and retail are few (neighbouring Wilston Village fills the gap) the express busway link to the CBD which is under construction will prove a valuable addition.
Buyers in Gordon Park will find prices comparable to surrounding areas though will be pleasantly surprised at how much land they get for their dollar. 12-month growth is similar to that experienced in Chandler (around 9.25%), though the average rental yield of 3.8% on a $ 655,500 investment doesn’t offer the returns currently available in Mansfield.
Key Rental Stats (postcode: 4031)
- Average Weekly Rent: $ 403.40
- Vacancy Rate: 2.0%
According to RP Data’s report, Chandler has become Brisbane’s most sought after suburb with nearly three quarters of sales in the January to June period coming in above asking price. It has even been dubbed ‘the Hollywood of Brisbane’ by one agent, referring to its ability to maintain value and its proximity to the CBD
Chandler is fast becoming the millionaire’s suburb of choice, with the average home price now standing above $ 1.1 million and having increased by more than 6.5% over the last quarter alone. Homes are on the market for about three months on average, but are often seeing two or more bidders which is helping to push prices.
Key Rental Stats (based on a two bedroom house)
- Average Weekly Rent: $ 674.40
- Vacancy Rate: not available
Mansfield was originally constructed largely of authority homes, though these have mostly been replaced by private residences. The suburb benefits from some fantastic parks and bushland, as well as several schools and good transportation links into the CBD.
Mansfield house prices have increased by an average of over 12% over the last 12 months, to a median price of $ 535,000. For investors looking for income, the average weekly rent is now $ 450 and produces a gross yield of 4.37%. Selling time has come down to just 26 days on average withy two thirds of homes sold above asking price.
Key Rental Stats (postcode: 4122)
- Average Weekly Rent: $ 420.40
- Vacancy Rate: 2.3%