Property buyers find bargains in Woolloongabba

June 29, 2018 by  

A glut of apartments for sale in inner-Brisbane areas including Woolloongabba has drastically improved affordability for buyers.

Research by the Real Estate Institute has found that unit prices in the suburb fell by 8% in the last financial quarter. Improving affordability in inner-city property markets may mean new homeowners have extra disposable income, creating opportunities for businesses to capture new customers through flyer printing and brochure printing services.

Universal Agents director Darren Piper said these are the cheapest prices since the Global Recession. He noted that the shift in real estate prices is unheard of for an Australian capital city, saying:

“You can get an apartment within two kilometres of the city… for as little as $220,000.”

Peter Brewer of the Real Estate Institute Queensland said a renewed buyers’ market is not unexpected. He said:

“No doubt there’s been a lot of development in the south east corner of Queensland putting some pressure on stock.”

He added that other factors may drive prices back up again before 2018 is over, adding:

“Our interstate migration is still growing. Queensland is still a place where people want to live.”

Other inner-Brisbane areas with significant dips in apartment prices include Newmarket, where the median cost has fallen by $90,000, and Milton, which has seen a 25% downturn in the last 12 months.