Across Australia, housing markets in the capital cities are beginning to cool, all with the exception of Brisbane. Local investors and owner-occupiers are in pole position to capitalise on the city's residential market growth.
While residential housing markets in Sydney and Melbourne are regressing, Brisbane is moving forward.
Property law is a complex area of the Australian legal system and to ensure you are not impeded by any unexpected legal challenges, seek the legal advice of a property lawyer who will guide you through the conveyancing and renting process.
Brisbane taking the lead
According to REIQ's September 2015 quarter data, the Brisbane local government area median house price has risen to a new peak of $615,000. The increase is consistent with figures that show Queensland's entire southeast corner is experiencing continuous and stable growth.
The recent trend is in opposition to the dominant pattern of lower sales activity throughout Australia's other capital cities.
Figures from this year's September quarter show Brisbane's initial house sales have hit a five-year high.
One of the key patterns seen across Queensland was the correlation between tourism centres and strengthening housing markets. For instance, the Gold Coast had the biggest quarterly increase, up 3.8 per cent in comparison with the previous quarter. It also registered a new record median house price of $545,000.
In times like these, an experienced conveyancing specialist is an ideal counsel for investors, their expertise will be able to guide you through the contract process.
Queensland's two-tier system continues
The recent figures reiterate Queensland's growing pattern of a two-tier housing system. Specifically, REIQ's October 2015 vacancy rate showed that the market was moving at two different speeds.
For instance, MacKay's vacancy rate remains at 9.1 per cent for the second consecutive quarter.
While in Gladstone, the vacancy rate rose from 5.2 per cent to 7.1 per cent. However, planned infrastructure projects such as the Gladstone to Fitzroy River pipeline should lead to further employment and thus an increase in the demand for residential property.
In South East Queensland, demand was rising and with limited supply the market has become orientated towards investors.The region recorded the lowest state vacancy rate of 0.9 per cent.
REIQ CEO Antonia Mercorella said that Brisbane also saw strong demand for housing, although the vacancy rate hints at much lower demand than the south east.
"New apartments in Brisbane are reportedly being snapped up by investors and owner-occupiers, although the vacancy rate softened slightly, from 3.0 per cent to 3.3 per cent," she said.
Brisbane and the south east are enjoying a property boom of sorts. Investors will need to make sure their legal affairs are in order, or risk missing out.
To talk to an experienced property lawyer from the Brisbane area, contact McCarthy Durie Lawyers today.