Brisbane’s prestige housing market is being boosted by Melbourne and Sydney buyers travelling north to invest in the city.
Principal Director at Ray White Ascot, Dwight Ferguson, suggests 50% of their clients are Sydney-siders, with the dramatic increase in interest causing the prestige sector to thrive more than any other parts of the Brisbane market.
“Our Brisbane market is simply showing much better value than the rest of the eastern states at the moment.”
– Dwight Ferguson, Director and Principal at Ray White Ascot.
“We’re experiencing it daily, where Sydney people are either enquiring or coming up to check out Brisbane,” Mr Ferguson said.
“With any market, the trend starts locally.
“That started three years ago, but now we are experiencing the interstate migration that proves that our market is in full-flight.”
The Brisbane prestige property market enjoyed a record-breaking sale in March, when an exclusive clifftop mansion in Kangaroo Point sold for a whopping $18.48 million.
The all-time high price triggered a six-month period that has seen more sales over the $5 million-mark than over the past five years in Brisbane.
Sales Executive at Marshall White in Melbourne, Michael Wood, believes the lower cost of entering the Brisbane real estate market is what has attracted such great levels of southern interest.
“Naturally having a more affordable housing economy will attract buyers,” Mr Wood said.
“The cost of housing for all sectors of the Melbourne and Sydney markets is not attainable for the majority of people looking to get into the market.
“Brisbane offers a similar lifestyle, some would even argue it’s better due to weather, and the cost of creating the Australian dream is far more achievable.”