Sydney and Melbourne property investors dominate Brisbane’s northern suburbs
Media release - 1st June, 2015
“Three bedroom houses built in the 1960s, which are priced between $450,000 and $500,000, are attracting significant interstate investor attention,” said Mr McHardy.
“There’s a growing recognition that Brisbane represents real estate value and we have seen a major upswing in the number of interstate investors buying up established properties over the past few months.”
Recently, Raine & Horne Chermside sold a home, located at 34 Gibum Street, Chermside West, for $481,000, which should rent for around $430 a week.
“This home was marketed for sale at offers over $449,000. It received 9 genuine offers in 24 hours and realised a sale price of $481,000,” said Mr McHardy.
Chermside’s robust housing market is expected to drive up interest in local apartments, which are very affordable compared with units in Sydney and Melbourne – and enjoy high occupancy rates.
“It’s still possible to pay under $340,000 for a two bedroom apartment in Chermside and receive $340 a week in rent,” said Mr McHardy, who has listed a two bedroom apartment with a supersized garage at 4/12 Bruce Street, Chermside for $335,000.
“This apartment has a quality tenant, who is paying a weekly rent equivalent to a 5% gross yield.”
“We also have Westfield Chermside, which is one of the biggest shopping centres in the Southern Hemisphere. The area’s massive retail precinct, along with Chermside’s excellent location, is a big tick with savvy southern state investors,” said Mr McHardy.
For further media information contact:
Kim McHardy, Principal, Raine & Horne Chermside on 0407 348 101
Andrew Harrington, National Communications Manager, Raine & Horne on 02 9258 5400