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Growth in house prices in subur...

Growth in house prices in suburban Brisbane

Research from PRDnationwide has shown that areas of Brisbane that house a large number of Chinese residents are experiencing a surge in the growth of house prices.

The research showed that those suburbs that have large Chinese communities have a particularly high property price growth compared to the average growth in South Brisbane and other areas of the capital, reports Domain.

For example, the company has said that the Robertson area of Brisbane records that 25.3 per cent of residents living in this suburb are Chinese, which translates to a 38.6 per cent growth in house prices over five years.

Similarly, Sunnybank has a 22.2 per cent Chinese population in the area and has had a recorded 36 per cent rise in property prices since 2014.

Speaking on the uplift in house prices, PRDnationwide national research manager Dr Diaswati Mardiasmo said that one reason for their occurrence is due to Chinese communities living together in tight groups.

He commented: "We are seeing property price growth figures of almost double the area's average in some Brisbane South suburbs with well-established Chinese communities." He referenced the particularly strong growth in the Robertson area in Brisbane.

Altogether there are seven suburbs within Brisbane's southern area that have had an average house price growth of 11.5 per cent over this last year. This figure is particularly high when taking into consideration the average 5.9 per cent and 4.4 per cent growth in both Brisbane South and Greater Brisbane.

Domain has suggested that the rising house prices may indicate that large Chinese communities translate to areas of interest for potential property investors.

Eight Mile Plains Ray White principal Paul Kowtan has said that this area "is a great place to invest... It has the culture and the location that makes it perfect."

This above statement is perhaps another reason for why the area has attracted Chinese investors.

It certainly seems like it could be as Eight Mile Plains has grown by 27.6 per cent over the last five years and it records that 11.8 per cent of its current population is Chinese.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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