Brisbane’s fastest selling suburbs have been revealed with Mount Gravatt and Stafford at the top of the list – two postcodes sharing the shortest average days on market.
Domain Group chief economist Andrew Wilson said these suburbs are “hot”, so there’s no surprise they were only on the market for an average of 22 days during the month of February.
“They’ve been hot areas for years now, both sharing a similar characteristics" said Dr Wilson.
The rising median house price in Brisbane's inner-city ring is pricing first and second home buyers out, who are now seeking property up to 20kms from Brisbane’s CBD.
“It follows a pattern of demand we’ve seen through Brisbane in the past few years. We see a lot of buyers settling into areas, typically with low-rise and high value infrastructure” said Andrew Wilson.
Mount Gravatt Sales Specialist, Brad Sissons from Coronis Coorparoo said the 4122 postcode has entered a period of high demand in recent months.
“People are realising that Mount Gravatt is a really convenient area and property prices are still within reach and reason for all buyers.
“Inner-city land is sparse, and developers are turning their sights to the fringes, so we’re seeing a rise in land values thanks to what developers are willing to pay.
“There’s plenty of buyer traffic and buyer interest in the 4122 postcode, we realistically can sell property after one or two open homes, leading to February’s average of 22 days on the market.
Chermside West was placed at number one as the highest selling suburb with a 12-month average of 34 days on the market.
Chermside West’s most trusted opinion, Lance Russell from Coronis Stafford said it comes down to an affordability and availability factor.
“Buyers are willing to make sacrifices to get onto the property ladder, such as moving out to the fringes of the inner-city ring” said Mr Russell.
Dr Walker also highlighted that Brisbane’s blue chip suburbs didn’t make the list.
“Your Ascots, Bulimbas, Hamiltons, New Farms and other premium suburbs are still in demand, but are not turning over as quick.
“The beach side suburb of Sandgate was the most surprising on the list of fastest selling suburbs, with an average of 29 days on the market (in February), coming in at seventh place” said Dr Walker.
“Any good stock that comes to the market in Sandgate, tends to go very quickly” said Sandgate Sales Specialist Jarrod Tyler, from Coronis Bracken Ridge.
“It’s the CBD of its surrounding suburbs, so when buyers see something in the 4017 postcode, they will jump on it” said Mr Tyler.
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