Wellington Point agent says property diversity makes Redlands market the most profitable

MARKET LOOKS GOOD: More than 90 per cent of homes sold in the Redlands made a profit, according to a new report.
MARKET LOOKS GOOD: More than 90 per cent of homes sold in the Redlands made a profit, according to a new report.

A WELLINGTON Point real estate agent says variety is key to the local market's success, with new data revealing that the Redlands has delivered its property owners the highest resale profits in the greater Brisbane area.

The CoreLogic Pain and Gain report for the June quarter showed the highest proportion of profitable resales were in the Redlands at 90.7 per cent, followed by the Lockyer Valley and Moreton Bay.

The highest proportion of losses occurred in Scenic Rim, Somerset and Brisbane.

Adam Gould from Gould Estate Agents said the availability of homes and units at a variety of price points was a major drawcard for the Redlands.

"We're also able to supply waterfront properties to acreage properties to units to family homes so we have a good variety (while) still having easy access to the CBD, Gold Coast (and) Sunshine Coast," he said.

"Education's (also) a big thing for this area and we have some really great schools."

Mr Gould said an flood of development was also bringing new residents to the area.

"A lot of people too are buying investment properties here because they can see growth in the future," he said.

Real Estate Institute Queensland chief executive Antonia Mercorella said multiple Redlands suburbs appeared in the top 25 destinations for new resident arrivals in Queensland.

These included Thornlands and Redland Bay.

Mr Gould said the Redlands had a lot to offer residents.

"We've got everything here that people need so they don't have to travel too far to get everything," he said.

"Having the bay islands so close is also a big thing - a lot of people move here that are really into boating and jet-skiing."

The REIQ Quarterly Market Monitor revealed Redland City was also the region with the most expensive housing outside the Brisbane council area, reporting a median of $520,000.

It was still lower by a significant margin by the Brisbane annual median of $680,000.

Mr Gould said he had seen many new residents relocating from the less affordable Brisbane council area, including suburbs like Greenslopes, Norman Park and Yeronga, as well as bayside suburbs like Wynnum, Manly and Lota.

While the Redlands saw profitable resale rates just above the national average of 89.7 per cent, Brisbane did not fare so well, with 87 per cent of Brisbane properties resold at a profit.

Units performed more poorly, with more than 35 per cent of resales resulting in a loss. REIQ attributed this to a high supply of units across the inner city leading to a fall in unit values.

Mr Gould said he was optimistic about the future of the Redlands market.

"We're hoping (the success) will continue," he said.

"It's definitely feeling that way that it's getting better."