Home' API Magazine : April 2014 Contents 95
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But he notes that one of the factors
contributing to the lack of price growth
in Nudgee was a low volume of sales –
while there has been up to a 15 per cent
fall in the median house price over the
past year, he says that’s more reflective
of sales volumes than prices.
“I’ve tracked 18 sales over the past
six months from listings of 48, which is
certainly a very quiet market,” he says.
“The problem is that there isn’t a lot
of sales activity happening. But that’s
what generally happened in the northern
Brisbane budget market – it’s been hard
to lift activity out that way over the past
two or three years.
“That’s where the weakness in the
Brisbane market has been, in the budget
market, and suburbs close to Nudgee
haven’t done that much either.”
Meanwhile, Wilson notes that suburbs
closer to the Brisbane CBD – and not that
much further inwards, with Chermside,
just a few suburbs away, included in
that classification – have recorded
good activity levels and fairly solid
price growth of between five and seven
He says what’s happened in these
northern suburbs closer to the CBD is
more typical of what’s been happening in
the Brisbane market generally.
But despite Nudgee having failed
to perform over the past year, he still
believes it’s an area investors should look
at buying in.
He says there are bargains on offer
given its low base, and this affordability
means it’s “still a good value option”.
He adds that there are also signs it will
start to pick up growth wise during 2014.
“The job shedding in Brisbane over
2012 and 2013 had an impact on the
budget end of the property market
and activity in this market will start to
happen when the economy picks up,
along with employment levels, and there
are signs this is already happening,”
“Brisbane generally has the best upside
of any capital city housing market
this year – the economy is good, the
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unemployment rate is lower and falling,
while in other cities it’s trending up, and
the lower dollar will definitely help the
“There are a lot of boxes being ticked
for the Brisbane housing market for this
year; it will be the strongest performer,
with growth of up to five to seven
“While there’s a lot of stock on offer in
the budget market, particularly to the
north of Brisbane, which is what has kept
the market back, over time activity will
start to pick up.”
Wilson says all it will take for Nudgee
to pick up is for budget buyers to come
back into the marketplace, and this is
likely to be investors, with this buyer
type driving the budget market along
with first homebuyers.
“The Brisbane market is on the radar
particularly for non-local investors and
areas such as Nudgee which offer solid
returns will be popular. There will be a lot
of catch up in the area, there will be a lot
of potential growth there to come.” API
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