Soaring property prices in Sydney are driving people across the boarder to take advantage of Queensland’s comparatively affordable market.
Brookfield Residential Properties General Manager, Lee Butterworth, said the phenomenon was a usual part of the property market cycle and had occurred several times in the past.
“When we see Sydney and Melbourne residential prices start to peak there is usually a flow-on effect that positively impacts the Queensland market within the following 18 months,” he said.
“What you can get for your dollar in Brisbane is superior in terms of size and location to many markets interstate and buyers see the value that our property represents.”
One such buyer who has bought in Brookfield’s prestigious Portside Wharf development on the Brisbane River at Hamilton is Sydneysider Tenille Kelly.
Ms Kelly has packed up her home in Cronulla and moved to Brisbane to avoid “living in a shoe box”.
The 35 year old revenue manager has purchased a two bedroom apartment plus study on the second level of Portside Wharf’s luxury waterfront apartment building, Pinnacle, complete with river views and a car space.
“After realising that in Sydney, all I could afford was a shoe box, I turned my sights to a more affordable market that still offered a similar lifestyle,” she said.
“It came down to pricing and what I could get in Brisbane in terms of apartment size, views, quality finishes and location was far better than anything I could afford in Sydney so it was absolutely worth the move.
“Portside Wharf is not only a great place to live, but it’s also a great place to invest and I now have plans to purchase an investment property in the precinct in the next 12 months.”
Ms Kelly said when she started to investigate the Brisbane market she looked at several areas including West End and Fortitude Valley.
She said the fact that Portside Wharf and the greater Northshore Hamilton urban renewal development had a vision and a master plan played a huge factor in her decision on where to purchase.
“For me, being able to see where the area was headed and what it would look like in 15 to 20 years was really important,” she said.
“The future plans include plenty of parks and open space so you know it will retain its feeling of openness and not end up an industrial area.”
Ms Kelly said Portside Wharf’s location, with its proximity to ferries and buses, was also a major drawcard.
“Portside Wharf offers the conveniences of city living but with a spacious, open feel” she said.
“I was really impressed that I could to live on the waterfront in a precinct with restaurants, a cinema and everything I needed at my doorstep for a reasonable price.”
For further information, visit the Portside Wharf Sales & Information Centre in the Portside Wharf Plaza, at 39 Hercules Street, open between 10am and 4pm daily, call 07 3630 1666 or visit www.portsidewharf.com.au