The Brisbane residential market remains steady with most property segments returning to what is now considered to be a more traditional market.
Inner city properties within a 10 kilometre radius of the Brisbane CBD, continue to perform well due to limited available stock and good levels of demand being the key driver. The mid ring suburbs, being within approximately 10 to 20 kilometres of the Brisbane CBD, also continue to remain steady underpinned by good levels of demand, limited supply and continued low interest rates, making buying an attractive and affordable option. The outer lying suburbs, which have a greater supply of housing, have seen capital values remain static over the past 12 to 18 month period.
The residential unit market is providing mixed results dependent on the style of product and price point. There is steady demand for larger, higher quality owner occupier product with capital values having some positive growth. The market for smaller investor grade, lower quality product remains slow with some discounting and extended selling periods being experienced.
Vacant residential land within Brisbane continues to see strong demand and premium prices being achieved which is underpinned by a shortage of supply and limited available stock. This is particularly the case in well established suburbs that are serviced by schools, shopping precincts and public transport where vacant land is scarce.
The result of the recent federal election has boosted confidence within the market. There is an increase in home loan applications now being reported by major lenders, with many taking advantage of record low interest rates. The unemployment rate is also below the long term average providing greater security and positive buyer sentiment.
Overall the fundamentals of the Brisbane residential market remain strong with a positive outlook into the short to medium term.