Despite an overall decline in nationwide home sales, the demand for new homes in the fringes of the country’s major cities still remains strong, according to leading online property agency iBuyNew.
“Demand for new builds in the corridors between Brisbane and the Gold Coast as well as the fringe areas to the north, south, and west of Brisbane is very strong,” said Mark Mendel, CEO of iBuyNew. “The South East Queensland property market is currently in the best capital growth position in Australia. The Gold Coast is benefitting from being the host city for the 2018 Commonwealth Games with a host of major infrastructure projects underway.”
Conflicting data has masked the strength of the new home market. The Australian Bureau of Statistics showed the biggest rise in building approvals since September 2013 at 11.3% this July, while the Housing Industry Association showed a 9.7% slump in new house and apartment sales nationwide.
Still, demand in fringe areas continue to rise as properties outside Sydney and Melbourne remain very affordable due to the low interest rate environment. iBuyNew is seeking to capitalise on this by launching a house and land division.
“Our expansion from apartments to house and land coincides with an increase in demand from developers for approved residential development sites,” said Mendel. “We are actively seeking stock in the outer suburbs of Melbourne and Sydney as well as in the Brisbane to Gold Coast corridor.”
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