Popularity surge forecast in Moreton Bay
The coming months could see demand for property in Deception Bay reach fever pitch, as one group forecasts that the area may be in line for a popularity boost. Releasing its Queensland Market Monitor, the Real Estate Institute of Queensland (REIQ) explained that the outer rings of Brisbane are the ones to watch at the moment.
"The Moreton Bay suburbs of Griffin, Petrie and Kallungur are benefiting from the new rail line which will improve transport options for those residents," suggested REIQ CEO Antonia Mercorella.
It is units and townhouses that are in especially high demand, the group noted. Strong sales activity has already been witnessed, and there are high hopes that the apartment sector will soon follow suit.
Median prices are already starting to lift, suggesting that anyone with their eye on a property purchase in the Moreton Bay region may benefit from acting sooner rather than later.
"The relative affordability of units and townhouses in the Redcliffe region, with a median price of around $305,000, is a good entry point for investors and owner occupiers who can't afford to buy closer in," Ms Mercorella indicated.
Queensland is, on the whole, proving to be a hotbed for investment activity at the moment. The REIQ explained that there was a slight dip during the three months to March, but this is typically the case at this time of year.
Ms Mercorella revealed that during the 12 months to March, the median house price in Brisbane registered at $587,000, which is an accurate reflection of where the market currently stands.
SQM Research data shows that in the week ending 9 June, house prices were up 2.2 per cent from the previous year. Meanwhile, unit prices were 2.1 per cent higher than 12 months earlier.