OUTSTANDING RESULTS The McGrath Newsletter
1 The first quarter of 2014 has seen nearly 40% less properties coming to market than the same time last year. We are however experiencing strong buyer enquiry from interstate investors, especially Sydney, where they are being priced out of the market. This has resulted in premium sales occurring, in some cases the highest prices ever being achieved. The ongoing development in the area has brought strong focus on the existing apartment market with investors opting for property which they can secure immediately as an income producing asset which are offering strong yields, currently sitting at 5.89%. The median apartment price for the first quarter of 2014 has been the highest it has been in some three years reinforces the strong results currently being obtained. The commercial precinct around Gasworks at the northern Fortitude Valley/ Newstead area continues to evolve, owner occupiers are choosing to relocate to areas in close proximity to this which has seen days on market in the $500,000 to $700,000 range to be approximately 21 days. Apartments along the river through Macquarie Street and around to Newstead Terrace have proved popular with these buyers for the convenience aspect as well as lifestyle benefits on offer. McGrath’s further expansion into these areas will offer sellers and buyers a great alternative and unique selling tools to maximise sale prices with connecting not only to the local market, but also the ever growing Sydney market investing here in Brisbane. If you would like to take advantage of this unique opportunity to attract buyers from interstate, please don’t hesitate to contact me anytime.
Jake Mackay D 07 3088 1535 M 0430 283 293 E jakemackay@mcgrath.com.au
mcgrath.com.au
2 John McGrath - CEO It’s an exciting time in Australian real estate. With so much media commentary about Brisbane right now, people are increasingly realising how much further their money can stretch in a relocation from Sydney to South-East Queensland. Did you know that just seven suburbs in Brisbane and the Gold Coast have a median house price over $1 million, in comparison to Sydney where there are 172? Prices in the Brisbane market are moving in the right direction (up 3% YOY) but there is still volatility and we’re still below peak values. But all the signs for growth are there - increasing investment and first home buyer activity, more people turning up at open inspections and greater enquiry from developers looking to capitalise on the imminent upswing. Supply is much higher in Brisbane compared to Sydney, so there’s still plenty of opportunities for buyers to purchase now before the market begins its inevitable run.
RECENT SALES
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2 SOLD
1. 352/50 Macquarie Street TENERIFFE
213/1000 Ann Street FORTITUDE VALLEY
4305/71 Eagle Street BRISBANE
755/1000 Ann Street FORTITUDE VALLEY
603/8 Jeays Street BOWEN HILLS
9 SOLD
8. 324/1000 Ann Street FORTITUDE VALLEY
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415/38 Warner Street FORTITUDE VALLEY
SOLD
9. 506/292 Brunswick Street FORTITUDE VALLEY
11 SOLD
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8 SOLD
1/27 Jordan Terrace BOWEN HILLS
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3/33 Oxlade Drive NEW FARM
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364/1000 Ann Street FORTITUDE VALLEY
SOLD
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SOLD
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5 SOLD
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12 SOLD
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338/50 Macquarie Street TENERIFFE mcgrath.com.au