Media release - 1st June, 2015

The number of Sydney and Melbourne investors snapping up houses in Brisbane’s northern suburbs has tripled in 2015, according to Kim McHardy, Principal of Raine & Horne Chermside.

As a consequence, house values in suburbs such as Chermside, Chermside West, Geebung, Aspley, Stafford and Kedron are up around 8% since late autumn 2014.

“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.”

Chermside is a business hub located eight kilometres from the Brisbane CBD and a 20-minute drive to the airport and the Port of Brisbane, and only 50 minutes to the Gold Coast or Sunshine Coast.

“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.

–ENDS–

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

Sydney and Melbourne property investors dominate Brisbane’s northern suburbs