Brisbane property prices continue to rise
Indooroopilly, Taringa and St Lucia have all recorded double-digit growth in property prices, as values in Brisbane continue to rise.
Property values throughout Brisbane’s inner-western suburbs have experienced the highest levels of growth that we have seen in years.
The latest figures from CoreLogic reveal that property prices in Indooroopilly have increased by 19% between April 2020 and April 2021. In the same timeframe, Taringa has jumped by 16% and St Lucia has soared by an impressive 21%.
After many years of subtle growth in Brisbane, the property boom is welcome news to homeowners.
Demand from almost all buyer segments fuels Brisbane property prices
Let’s take a look at where the demand is coming from:
- First Home Buyers flooded back to the market, driving enormous demand for houses under $1M
- Interstate Buyers are choosing Queensland almost every time, with 7,000+ people moving here in the March 2021 quarter
- Pent up demand from buyers who would have purchased in 2020 has created a competitive property market in 2021
- Growing Families are upsizing from townhouses and smaller cottages to more substantial family homes
- Returning Expats are cashed up and ready to buy back into their home cities after living abroad
- Investors have returned to the market and are buying suburban houses rather than inner-city apartments
Over the past 12 months, demand for property has significantly outstripped the supply of homes. Properties throughout Brisbane’s inner-western suburbs are selling quickly and homeowners are achieving excellent sale prices.
Brisbane buyer activity still exceptionally high, despite peaking around Easter
Despite the frantic levels of buyer activity peaking just before Easter, demand still remains exceptionally high and well above pre-pandemic levels.
Insights from realestate.com.au show that online property searches may have eased from their record levels, but they still remain significantly higher than they were a year ago. Here’s what we’re seeing in Brisbane’s inner-western suburbs.
Inner-west property activity surges forward
This table represents the number of times buyers are searching for property to buy in these suburbs – every single month. Huge numbers compared to what we were seeing prior to the pandemic.
When we look at buyer activity, we assess indicators such as the number of offers per property, the number of days the home is on the market, how many people are viewing the home online and how many of those buyers are going on to book an inspection.
In the current market, we are seeing 2 to 3 offers coming in on each property and this is happening across most price points. An apartment at 6/23 Bishop Street, St Lucia sold this month for $690,000 after 3 offers were presented to the seller, while a townhouse at 6/54 Durham Street, St Lucia attracted 8 offers and sold for $550,000.
Houses throughout Toowong, Indooroopilly and the surrounding suburbs are continuing to perform strongly. 12 Warrawee Street, Toowong received 3 offers and sold in just 8 days for $1,500,000, while an original home at 29 Carrington Road, Indooroopilly sold off-market for $877,000.
The number of days a property is on the market is currently sitting around 20 days, however it is common to see a home go under contract within the first week.
Spring selling season poised for outstanding results
What we’re likely to see in the coming months is strong levels of demand continuing from buyers, which will support further growth in Brisbane property prices. Preliminary indicators suggest that Indooroopilly and Toowong are looking likely to be the best performing suburbs in the coming months.
Are you ready to take advantage of Brisbane’s hot property market? Call Byrony today on 0412 132 480 and find out how we have helped our clients achieve outstanding results in Brisbane’s inner-west.
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Local insights, market trends and property values throughout Indooroopilly, Taringa, Toowong and St Lucia.