There’s a change in the air in the inner Brisbane real estate market… the Gen Y’s are coming!

With the affordability of buying a house compared to buying a unit on the decline, many young people looking to purchase their first property are shifting their plans to apartments and units instead of the traditional house, yard and picket fence dream of old.  A particular focus is on in the inner city areas where we are likely to see a significant demographic shift over the coming year as more under 35’s move into the area purchasing units in the CBD, New Farm and Springhill.

“We are definitely seeing a lot more interest from the Y Generation when it comes to open houses and online enquiry compared to a year or two ago”, said Hannah Schuhmann, owner of HS Brisbane Property.

“It just makes sense!  Young people like to live in the heart of everything, they work and play in the city so living in the hub of all the action is definitely appealing to that demographic” she said.

It is likely to be a mix of young urban professionals, singles and couples that will be the strongest group of purchaser we will be seeing move into the market over the coming year.

“The time where you can purchase a great CBD apartment for under $280K is short lived and these buyers know it.  A lot of the enquiries on a unit that we are currently selling in Ann Street  for $269K have been from young Professionals looking to live or invest in the city.”

“When you compare a great purchase price like this, in a stellar CBD location, where there’s likely to be huge future growth as well as all the lifestyle features that attract the young people, it is no wonder they are choosing this option over a $550K mortgage in the suburbs”, said Hannah.

Though this could mean more competition in the near future for buyers, it is music to the ears of vendors looking to sell their inner city apartments this year as a whole new wave of cashed up, hungry purchasers enter the market.

We are slowly seeing a turnaround when it comes to Brisbane property with the market set to pick up pace over the coming months and at the forefront of this movement is riverfront real estate!

Though in the past our beloved riverfront has thrown some pretty tumultuous times our way, such as the havoc wreaked upon our city from the 1974 and 2011 floods, in the eye of the consumer – these bad times are a distant memory and the desire for riverside property is on the up and up.

Even through the ‘not so brilliant times’, the love affair Brisbane has with its city hugging, winding river is strong.  On the local calendar so many of our events are centred around the river, the cultural hub Southbank lines the foreshores of the southern side in the city and dotted all the way along the river you will find some of Australia’s most revered restaurants (with their famous chefs) serving up the finest cuisine as you sit back with your glass of Sav Blanc and watch the sunlight sparkle across our beloved waterway.

Photo: Paul Ewart. Source: SMH.com.au

Former Prime Minister Kevin Rudd and his family have purchased a riverside block in the inner East suburb of Norman Park with many other famous names securing similar riverfront properties around Brisbane.

“Demand for riverfront properties is definitely set to increase” said Hannah Schumann, Principal of HS Brisbane Property.

“To come home and look out over our beautiful river is a dream held by many but with waterfront homes selling for upwards of $3million plus and prices set to rise into the future, it’s hard for many to bring that dream into reality”, she said.

With the million dollar price tags becoming standard when you are talking riverfront houses many people are turning their eyes to units with river views instead.

“Because of the location of our CBD in proximity to the river, many of the inner city apartments we sell have stunning views down the river and buyers absolutely love it!  We regularly receive enquiries from people looking to purchase an apartment in the city and river views are on the shopping list of many purchasers – owner occupiers and investors alike” said Hannah.

With projects such as the redevelopment of the infamous ‘floating walkway’ underway, one thing is for sure - the love our city has for the Brisbane River is strong and it is likely to remain the heart of this city for many decades to come.

The eyes of the world are on Brisbane again this week with the announcement a residential building in the CBD has been awarded ‘Best Residential High-Rise Development’ (Australia) at the Asia Pacific Property Awards.

“These are exciting times for the Brisbane inner city real estate market, the positioning of our city, the live-ability and the fine collection of properties within the CBD are gaining a lot of attention at the moment – not only from across Australia but all over the world!” said Hannah Schuhmann, Principal of HS Brisbane Property.

With more developments set for the Brisbane CBD in the near distant future, such as the iconic new 5 Star Tower at 222 Margaret Street, the CBD area is just set to become even more attractive to savvy investors and we are likely to see price increases to mirror that demand.

“With the announcement of the exciting new 222 Margaret Street development we are seeing increased interest in the buildings currently surrounding that location.

We currently have a few apartments for sale in a nearby building on Margaret Street and there certainly is increasingly more investors contacting us, wanting to get into the area now before we start to see a shift upwards in the pricing” said Hannah.

Over the past ten years we have already seen so much change in terms of redevelopment and new buildings being built in the CBD.  A little while ago Brisbane News brought us a time-lapse video showing all the new buildings that we have seen emerge on the city skyline since 2004 and also those that are planned for the future into 2015.  

You can check out the quick video at http://media.brisbanetimes.com.au/news/national-news/brisbane-skyline-transforms-time-lapse-3684798.html and see exactly how much change our city has undergone over the past decade.

As we look to another ten years down the track it will be interesting to see what the profile of our city looks like come 2024 and what impact that will have on the real estate market.  One thing is for sure, there are many exciting times ahead for our beloved Brisbane.

As property prices in the other states becoming increasingly unattainable it puts the Brisbane market and in particular, the inner CBD area, in great stead for the future.

“We are receiving so many enquiries from interstate buyers at the moment.  Though our market is on the move and we are seeing a steady rate of growth, the fact is investors can get far more bang for their buck when it comes to Brisbane. 

The investment market is heating up here because we have such fantastic properties on offer providing security with potential for good long term growth and great rental returns” said Hannah Schuhmann, Principal of HS Brisbane Property.

Attend an open house on any given Saturday and you will no doubt find a handful of Sydney or Melbourne buyers in attendance, looking to snap up a fantastic slice of Brisbane real estate.

“It’s not only the affordability and great returns that are enticing the interstate buyers to us.  If you look at what’s available, CBD market wise, Brisbane currently has 234 properties for sale in the Brisbane CBD – that is 9 times the amount of stock of the Sydney city market and almost double the number of properties for sale in inner Melbourne.  Now is a great time to list and make the most of the current situation”, said Hannah.

Many of the interstate buyers are cashing in their superannuation to instead invest in real estate, so they are cashed up and ready to buy.  In 2014 across the board we are seeing lower levels of stock available then this time last year so while this makes things more competitive for purchasers, vendors are enjoying a fruitful time indeed.

All of the above makes for a very exciting time in Brisbane real estate and a fantastic opportunity for astute vendors to make the most of the increased interstate interest.  After all, more competition equals high sales prices!

If you are considering selling a property in Brisbane and would like to know how you can best benefit from this peak of interstate buyers, contact Hannah today for no obligation appraisal of your property.  Call Hannah on 0419 782 133.

Source. Figures sourced from  http://www.property.com.au/ as at 3/5/14.

Heads of state at the 2012 G20 in Los Cabos, Mexico. Photo: BERTRAND LANGLOIS
Source:  http://www.brisbanetimes.com.au

As the G20 Summit draws nearer and the predicted 6,500 Heads of State, their entourages and media teams from all over the world get set to roll into town it marks a pretty significant new era for our city.  Brisbane, being touted as ‘the new world city’, will have the international spotlight firmly secured on it come November 15 – 16 as the G20 Summit goes live to the world.  Today we are taking a look at what impact the event will have on inner city residents and what it could mean for the real estate market.

What does it mean for CBD residents?

 Reports are that the CBD is expected to be locked down and cordoned off between November 14 – 17.  Citizens living within the cordoned area will likely undergo security checks and be given passes to move around the CBD/South Bank areas within a limited capacity.  Non-residents will not be allowed within the cordoned off area during the event.

There are also some very interesting restrictions on what one can and can not bring into the area during this time, with the usual suspects such as knives and weapon like devices forbidden and some not so expected bans such as eggs and remote control cars.  Closer to the event we will do a full report on everything CBD residents will need to be aware of during the G20 Summit.

 What does it mean for business?

With the CBD lockdown likely, many city businesses are encouraging their staff to take leave during this time or providing work from home options.  We have also recently seen an announcement that there will be an official public holiday on November 15 for the event, presumably to reduce the amount of people in the CBD that day.  Simultaneously we heard the cry of joy from workers everywhere and the outrage of employers as they are requested to pay out an extra full day to their staff for the holiday – so perhaps not great news for business owners.

 What does it mean for real estate?

 With the worlds eye on Brisbane and influential people from all over the globe descending on our city it could mean great things for local real estate.  A lot has changed since there was a global focus on Queensland’s capital for Expo in 1988.  For years we were seen as a sleepy country town or Sydney and Melbourne’s’ younger, duller sibling.  Brisbane has done a lot to change the image of the city over the last decade and this is the chance to show that to the world. 

With the beauty and livability of our city on show, it is a great chance to parade Brisbane to investors all over the world through the significant media coverage the G20 will receive and also the 6,500 influential people that visit us during the event.  This is particularly good news for the CBD market as this is where much of the focus will be throughout the summit.  We are likely to see a peak in international investor interest during the leadup to the G20 and also in the months following the event – a great time for CBD owners to consider listing their unit for sale!

If you would like to have a chat about any of the above information or would like to arrange a free appraisal of your property please contact Hannah today on 0419 782 133.