Investors looking to grab a slice of Brisbane's housing market should consider checking out the city's bayside, market watchers said.
Suburbs in Brisbane's bayside are expected to perform strongly this year as the region continues to witness favourable market conditions, said Marc Sorrentino, director of Place Manly.
Sorrentino said the low interest-rate environment has been enticing many buyers to take their chance in Brisbane's housing market, which is poised to witness a 20% growth.
"It's for these reasons I think, come early January, we will see this growth in sales continue and 2020 will be one of the better years in real estate for the bayside," he told The Courier-Mail.
Within the region, Gumdale rose as the strongest suburb last year, with median house prices increasing by 28.6% to $1.019m, according to figures from CoreLogic. Over the decade, this suburb was one of the best-performing in terms of average annual increases, along with Wakerley and Manly.
Wakerley and Manly reported steady gains in median home prices last year, up by 4.4% to $787,000 and 3.6% to $790,000, respectively.
"Interestingly this year we had many buyers coming from the Bulimba, Hawthorne and Morningside areas. Factors such as a second flight path and increased noise along with development making that area even busier seem to be the driving forces for the move to the bayside suburbs," Sorrentino said.
And despite the low level of listings in some suburbs in the region, it appears that buyer interest remained strong, said Gail Gobey of Sash and Gable Property.
"The sales we can report on in Wynnum, Manly, Manly West and Wynnum West all held their own with the end of the year showing strong growth with our auction clearance rate well above average," she told The Courier-Mail.
Interstate investors, particularly in Sydney and Melbourne, are also starting to notice the region.
"This will see prices maintained or increasing over the next two quarters and we expect a greater increase in property prices in this mid to low price range in the second half of 2020," Gobey said.
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