The uncertainty created by the recent federal election in the Brisbane property market appears to be finally lifting as sales from the capital’s luxury market has skyrocketed in the past seven weeks.
Chester, a luxury apartment developed by Kokoda Property in Brisbane’s Newstead suburb, has recorded a total of 135 sales amounting to $94.9 million in just two months following a slower-than-expected initial launch in June. The demand is not showing any signs of slowing, with 45 sales recorded in the past week alone.
“In stark contrast to earlier this year, throughout August we have experienced substantial interest in Chester’s luxury apartment offerings,” said Sam Tucker, Kokoda Property’s sales and marketing director.
“While market research suggests a stalling interest in small investment stock, what we are seeing is a growing demand for architecturally-designed off-the-plan residences that offer tenants a superior lifestyle.”
Tucker added that the Brisbane property market is now maturing as investors and owner-occupiers look for high-quality developments in suburbs located outside the CBD.
“Brisbane is rapidly transforming into a new world city; its culture, business centre, technology, and lifestyle is evolving with over $40 billion of infrastructure investment planned, so naturally there is a shift occurring with demand now skewed towards sophistication and luxury residential design,” said Tucker.
Similarly, Urbis associate director Paul Riga claimed that quality is now foremost in the minds of discerning investors.
“Preliminary data indicates a strong underlying demand for higher quality product. The marketplace is entering a phase of increased competition as investors and owner-occupiers become more savvy in their purchasing decisions,” said Riga.
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