City cements place in million-dollar property club
BRISBANE is creeping up the ranks of the “million dollar-plus club”, with the number of sales over $1 million hitting a record high. The latest CoreLogic Property Pulse report found that a “historic high of 9.2 per cent of houses and 3.3 per cent of units in Brisbane” had sold for at least $1 million over the 12 months to June 2018.
“The share of sales of at least $1 million has risen quite considerably over the year from 8.1 per cent for houses and 2.8 per cent for units a year ago,” the report said.
And many of those sales are being driven by buyers in the southern capitals, where the number of prestige sales is declining.
CoreLogic senior research analyst Cameron Kusher says interstate migration is playing a part in Brisbane’s success. And he expects the trend to continue.
“People in Sydney and Melbourne are seeing what they can get for a million in Brisbane; they are seeing that value,” he said. “And that higher end of the market is still growing in Brisbane, whereas elsewhere it is declining. The Brisbane economy is also improving.”
In July, Knight Frank’s head of residential research for Australia Michelle Ciesielski said she expected Brisbane to record a sustainable annual growth of 3 to 5 per cent by year’s end.
“It is likely HNWI’s (high net worth individuals) will continue to be drawn to the traditional Brisbane blue-ribbon suburbs, although much of the truly prime stock remains tightly held,” she said.