Brisbane’s property market may have passed its price growth stage, but the value of units at Indooroopilly and Taringa is expected to rise.
PRDnationwide’s annual Brisbane Hotspots Property Watch report found price growth in the city had come to a halt, except in areas which offered a degree of uniqueness.
Indooroopilly units, which recorded a median price of $258,300, were placed second on a list of 10 suburbs with an expected continued growth, while Taringa units, with a median price of $262,000 placed fifth.
PRDnationwide report analyst Tim Lawless said research showed a trend towards a “ripple effect” where price growth was returning to the inner and middle ring of suburbs because of high demand from buyers seeking lower commuting times, better access to the CBD and retail precincts, and easy transport access.
Mr Lawless said a price growth of 10 per cent or higher had been achieved within the majority of Brisbane’s suburbs between 2001 and 2004, but only 12 suburbs had achieved a medium growth of 10 per cent or higher by 2005.
“As we move into 2006, we expect double-digit growth to be the exception rather than the rule, which is similar to the market’s performance during this year,” Mr Lawless said.
“Our research confirms that we are now in the middle of a buyer’s market, where property purchasers have more time to research their purchase, negotiate a fair market value and capitalise on a low-interest rate economy.”
He said the top tip for buyers was to not only access property research information, but to also monitor government spending and infrastructure upgrades, as price growth often followed.
Taringa resident Alison Gabbett, who is also a Brisbane Real Estate agent, bought her “1976-condition” unit in July as an investment property.
“We’re definitely staying with our purchase for quite a few years because of where we are and we plan to rent it out to students and staff at the university after renovations,” Ms Gabbett said.
She said the approval of the Taringa Suburban Centre Improvement Scheme had also helped her decision to buy in the area.
