Brisbane has joined Sydney and Melbourne on Knight Frank’s 2018 Prime Global Cities Index for the first time.
A growing demand from downsizers who are looking to buy a good home – generally, an apartment – in a good location, according to researchers from Knight Frank. Demand for high-end property in Brisbane led to a 3.6% price growth over the past year.
As shown in the table below, Brisbane moved onto the Prime Global Index for the first time. Brisbane ranked 19 out of 25, with the market direction tipped to be stable. Perth also joined Brisbane, coming in at number 21.
Prime Global Cities Index Q1 2018 Source: Knight Frank
Jermaine Jones, an agent from LJ Hooker in New Farm, said that downsizers are increasingly looking to buy easy to maintain apartments in prime locations: “What we’re seeing at the moment is people who are looking to downsize are generally going from bigger homes into apartments, so they want something that is going to be easy for them to maintain, that is also in a great location.”
“We’re seeing lots of interest coming from downsizers who want to buy an apartment that is close to the city. They want that city lifestyle in an apartment that is going to be easy for them to look after as they enter their senior years,” he said.
Drew Davies, an agent with McGrath New Farm, said that he is seeing lots of interest from Sydney buyers who are looking for ‘lock and load’ apartments in prestige locations.
“Sydney buyers are searching for properties in Hamilton and Ascot in the $1.5m to $2.5m range, and these same vendors are looking at eventually downsizing to easily maintainable apartments for their next move,” he said.
Jones said that the Brisbane market is starting to pick up again. He went on to comment that “things have been a little rough with concerns about the oversupply of inner-city apartment developments, but we’re starting to see the market pick up slightly. We’re still getting lots of interest from international buyers.”
“We’ve actually had quite a few properties sell site unseen,” he said.
We’ve compiled a list of the best apartments and town homes for downsizers to consider in Brisbane and the Gold Coast below, just to make your life easier! All of these developments are in great locations, and most offer a range of great amenities (there are some standouts, including Obsidian). Others on the list, like Silk on Racecourse road, offer buyers the opportunity to fully customize their apartments.
One Bulimba, Bulimba, Brisbane.
Estilo on Kitty Hawk, Chermside, Brisbane.
Fabric Apartments, Teneriffe, Brisbane.
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