Brisbane’s property market hitting its straps

first_img6/455 Adelaide St, Brisbane sold under the hammer for $3.277 millionBRISBANE’S property market is hitting its straps with homes selling faster, good prices being achieved and the high end continuing to fire.New figures reveal statewide the auction market alone chalked up more than $91 million worth of sales in the past week.According to Real Estate Institute of Queensland figures, $91,000,800 worth of property sold at auction, with the median auction price more than $880,000.A Ray White auction event on Tuesday night, saw 15 properties go under the hammer for about $25 million. A further two sold shortly after. INVESTORS EYE OFF SOUTHEAST QLD PROPERTY Ray White Queensland CEO Tony Warland, said while he didn’t like to predict what would happen in the future at the moment all the indicators were good.“Property is moving really quickly, the high end is going really well and the days on market is reducing,’’ he said.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoCEO of Ray White Queensland Tony Warland said the Brisbane market was performing well at the moment.“We are seeing good prices and we are experiencing people bidding over reserve which is another good indicator.“The Brisbane market has been above steady and of course it has not been so erratic like some of the other markets in the last 12 months.’’Mr Warland said the one issue in the market at the moment was a lack of stock which made competition for property stronger. Suzie O’Neill’s Yeronga renovator sold for $3 million. Picture: Mark Calleja“The market has gone from 108,000 sales (in the year to April 2016) to 101,000 (in the year to April 2017),’’ he said.“So we have had less sales but more money in the market.’’At the Ray White, auction on Tuesday night properties sold for solid prices including an inner city Adelaide St penthouse which went for $3.277 million and swimmer Susie O’Neill’s Yeronga renovator for $3 million.Ascot based agent, Mikki Finlay is so confident the high end market was going to continue to fire that she has returned to her boutique agency Premium Residential.last_img read more