Inner-city suburbs in Brisbane will have the highest potential to perform strongly in 2009 according to a new report from PRDnationwide.
Jonathan Rivera, state director for residential research at PRDnationwide picked Kelvin Grove units as the potential top performer thanks to its proximity to Brisbane CBD and the Queensland University of Technology campus. The suburb is also well known for the new master-planned community Kelvin Grove Village.
"The urbanisation of the suburb is attracting a lot of attention among owner-occupiers and investors alike, particularly in affordable dwellings and those returning strong rental yields. Units, townhouses and apartments are still within reasonable price ranges and as the University and the Urban Village continue to develop and expand, Kevin Grove is definitely one to watch," said Rivera.
Another suburb to keep an eye on is Carina according to Rivera. One of the beneficiaries of the Eastern Busway, which is currently in the planning and preconstruction phase, Carina is located about 7km from the CBD. "The new level of public transport infrastructure will provide much needed transport links in Brisbane's eastern areas and should help ease the traffic congestion along Old Cleveland Road. The suburb is currently undergoing a high level of renovation and it is becoming one of the trendier areas to live for professional families and first homebuyers," said Rivera.
Other suburbs on the 'hot spots' list include Moorooka, Auchenflower, Greenslopes, New Farm, Acacia Ridge, West End, Woolloongabba and Paddington, all of which are located within a short distance of Brisbane's central business district.
Rivera said that buyers should be on the lookout for discounted opportunities in more desirable locations, and be ready to take advantage of lower interest rates as well as looking to capitalise on a strengthening rental market.
"Under the current conditions, focus on product alone may no longer sell as it did in the mid-2000s, and finishes, amenities and views many not compensate for marginal locations moving forward," he stated. "Going back to fundamentals is the key so buyers should be on the lookout for the basics - population growth (which generally leads to a healthy property market, infrastructure and investment) supported by sufficient current and future infrastructure and amenities, as well as employment opportunities and diversity."
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