Demand for properties in Paddington is on the rise as overseas buyers and bargain hunters search the area for properties with the best rates.
Although many anticipate lower demands for Brisbane apartments due to issues with oversupply and talks about price falls, buyers seem to be more interested in searching for a bargain in the area. This, as demand increased to over 4.5% over the past 12 months.
Among the most active property seekers are offshore buyers who are driving the surge in demand for properties around Brisbane. According to realestate.com.au’s Australian Property Market report, Brisbane currently has the biggest increases in offshore buyers, far higher than those of other capital cities.
The report also shows that prices in Brisbane are up by 1% with houses seeing a slight increase while apartments seeing a decline. When it comes to the demand, the timing in the cycle for the city seems to be at odds with Melbourne and Sydney. This is not the first time that Paddington has seen an influx of buyers looking for better property deals.
Read: Brisbane’s Paddington Sees Influx of New Residents from Sydney
East Brisbane, Indooroopilly, and Paddington reportedly have the highest demand for houses respectively. Paddington currently has an average of 1,165 visits per listing per month over the last 12 months.
Prices for properties in Brisbane remain far more affordable and with strong spending on infrastructure, the city is now well prepared for population growth brought about by the continued improvement of jobs growth.
Top 10 most in demand suburbs in Brisbane
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