Brisbane’s real estate sector is seeing a resurgence in demand for one particular segment, i.e. riverfront property. Some of the biggest and most coveted estates along the Brisbane riverfront have entered the realty market of the city and this has lured not just local buyers but buyers from Sydney and other cities too. Several prime properties are currently available for sale in the Brisbane real estate market and this is fuelling tremendous interest from buyers.
Home prices in the riverfront suburbs of Brisbane have surpassed other areas throughout the city as per reports. The 2011 natural disaster has now been relegated to a thing of the past in people’s minds. Many of the suburbs that were previously affected by the floods in Brisbane are now commanding high prices. In fact, prices in these areas have grown in double digits over the last 5 years as per reports. New Farm has witnessed growth of almost 74% in home prices as compared to the average growth ratio of 20.9% in Brisbane for this period. Corinda has seen home prices increasing by close to 52% in this period while Norman Park and Hawthorne follow closely with growth of 46% and 36% respectively.
In fact, July 2018 saw the biggest sale of this year for Brisbane, when a riverfront mansion garnered a price of $11.128 million at 110 Virginia Avenue, Hawthorne. Market experts have highlighted the rapid increase in demand for riverfront properties and they expect this trend to continue. In fact, the current prices being garnered for these homes are even higher than the pre-flood levels.
There are around 850 absolute properties on the Brisbane riverfront and with limited supply of such homes over the years, values have gone up to record levels. Several expatriate or interstate buyers are also snapping up prime properties on the Brisbane riverfront according to reports. Most of these areas will continue to draw more buyers over the next 3-5 years on account of the multiple perks that riverfront living offers. However, experts caution buyers to carefully assess the overall costs in terms of insurance and maintenance prior to making an investment.
