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Brisbane sees record level of property sales

Place real estate agents turned over more than $80 million worth of property in October.

Brisbane has seen exceptionally high levels of property sales during October, according to real estate agents Place.

Over $80 million worth of property sold during this time according to chief executive officer of Place Damien Hackett, who suggested that the property market, particularly those under $1 million, is strengthening.

Mr Hackett said: "The number of days homes in the sub $1 million price bracket were sitting on the market in October was 41,"

He remarks that this is much less than between the six months between January and June, where the average number of days these properties stayed on the market was 68.

According to RP Data, property values have been on the rise in Brisbane with its Rismark Home Value Index noting that they had risen by 1.4 per cent in October. Additionally, it reported that values had risen by 2.6 per cent over the quarter, noting that the city might be following the upward trends seen in Melbourne and Sydney.

Posted by Craig Francis

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