There was steady growth in the Redlands property market in 2017, according to McGrath Estate Agents principal Don McMillen.
Mr McMillen said the Redlands was a very livable and affordable area, that was close to Brisbane city and also southern employment areas like Beenleigh and Logan City.
“We’ve seen steady, very small growth, it’s not like Sydney where we see massive up and down levels,” he said.
“The bay side suburbs are brilliantly affordable and a lot of people are wanting to move here for the lifestyle; we’ve seen people from Sydney come up and look at the Redlands and Logan area.”
Real Estate Institute Queensland (REIQ) reports during the year to September, there was a 3.2 per cent growth in the Redlands housing market.
Over the past five years, the annual median house price has grown 17.8pc, to settle at $516,000.
Mr McMillen said there was a mix of properties in the Redlands, with land being released for unit developments, cottage style homes being built on small blocks and traditional, older homes on 750 square metre blocks in high demand.
“We’ve definitely seen an upswing in the past 12 months of first home buyers coming into the market,” he said.
“It’s a great time to purchase a home or unit in the Redlands; this is the cheapest finance we are ever going to have in any generation.
“I believe the Redlands area is going to see a huge amount of growth over the next five years because we have a diversity of products to offer buyers moving in to the area.”
We’ve definitely seen an upswing in the past 12 months of first home buyers coming into the market
- Don McMillen
REIQ reports Redland is the most expensive market in the outer Brisbane area, which includes Ipswich, Logan, Moreton Bay and Redland.
The unit market has also grown 4.1pc over the past 12 months, and reached a median price of $406,000. This represents a rise of 21pc over the past five years.
REIQ CEO Antonia Mercorella said the growth surge was helped along by a boost in tourism numbers.
“The strong performance of the south east corner’s coastal markets has helped drive Queensland’s growth over the past 12 months, with more than 58,000 houses sold and an annual median price growth of 2.4 per cent.”