First buyer to buy a townhome will drive away with a new car
CONFIDENCE has returned to Brisbane’s property market with a spike in apartment inquiries from investors and first homebuyers in the wake of the federal election.
After months of uncertainty, developer Abacus Property Group said the level of inquiry for the last remaining apartments at its Ivy and Eve project at South Brisbane had more than doubled in the past week.
Abacus development manager Bryant Greenberg said: “There are some very positive signs emerging that southeast Queensland buyers are back in the hunt for new apartments.
Some developers are not taking any chances through with Ascot Silver, a new development in one of Brisbane’s blue-chip suburbs, giving away a car to the first person who buys a townhome. The new car is worth $20,000.
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Prospective buyer Camille Zhang, 23, was among those intrigued by the property and prospect.
Ms Zhang said she was looking to buy a property in a trendy and affluent area close to the CBD, shops and airport.
“I love the idea of having a four-bedroom townhome which I can share with flatmates.”
Mr Greenberg said “together with expectations of a drop in interest rates and growing awareness that the stock of available apartments is facing a sharp decline, it seems people are suddenly much more confident.”
He said Ivy and Eve had booked 18 new inspections in the first week after the election and expected the remaining apartments to be sold very quickly.
“The likelihood of improved conditions will also start to put upward pressure on prices so now is a great time for buyers to take advantage of prices set during the slowdown in activity leading up to the election,” he said.
The one-bedroom luxury apartments remaining at Ivy and Eve, a 476-unit complex, are priced from $399,000.
Azara Projects development manager Amy Tang said: “With the election being over, we’ve had an increased number of queries for our luxury townhomes (at Ascot Silver) in Brisbane and more visitors to our inspections as well”.
CoreLogic senior research analyst Cameron Kusher said he was not surprised interest in apartments had piqued.
“I think it really highlights that people were sitting on the sidelines waiting for the outcome of the election,” he said
“There was clearly some concern about those policies (proposed changes to negative gearing and capital gains tax) and now that they’ve passed, people are more inclined to go and purchase properties, or at least have an interest in purchasing a property.”
Mr Kusher said there was still plenty of apartment stock on the market in Brisbane and developers were still offering good buyer incentives.
“There’s probably a sense now from people who are thinking … I can maybe go out and start looking for some good deals in the market,” he said.
Place Advisory director Lachlan Walker said the increase in activity was due to stability in the market.
“There was a lot of uncertainty around the proposed changes in the real estate industry and people didn’t want to make decisions that impacted their lives,” Mr Walker said.
“People who were sitting on the fence are now looking at committing to buy.
“If you have higher than average stock on offer, I think that’s what people want — it’s nice to see some activity.”
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