Real Estate

Redcliffe property market expected to strengthen in 2020

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Written by The ReReport
As seen in the Source link, written by realestate.com.au on 2020-01-08 01:00:00

Local real estate experts are predicting a good year for the Redcliffe peninsula property market. Picture: Richard Walker.

LOCAL real estate experts are predicting a cracker 2020 for the Redcliffe peninsula property market after a sluggish start but strong finish to 2019.

Cameron Reid of Crown Properties said results in the low to mid range of the market were solid in 2019.

“The market bottomed out around Easter when the number of listings peaked as did the average days on market,” he said.

“An unexpected federal election result, combined with three additional RBA rate cuts and banks relaxing their lending criteria saw somewhat of a recovery over the last four to six months of the year.

“There has been significant increase in buyer interest over the last few months. This has been driven by buyers having increased access to lending and the return of interstate investors – who once again found themselves with increased equity in their southern state homes and viewed the Redcliffe market as being well priced with solid rental returns.

“These buyers find the low-mid range Redcliffe property market particularly attractive.”

Crown Properties agent Cameron Reid says owner-occupiers and interstate investors will be competing for property on the peninsula in 2020. Picture: supplied.

Mr Reid predicted the strong finish to 2019 would continue into 2020.

“The transport infrastructure giving easy access to Brisbane and the airport will continue to be a catalyst for young families and first home buyers making the decision to move to the peninsula.

“The lifestyle benefits, the quality schools and the community atmosphere is unique and desirable and not available to young families, for the same money, anywhere else.

“Investors will continue to see value on the peninsula in this price range and will need to compete with owner occupiers for quality properties.”

Mr Reid said buyers looking for home in the low to mid price point should check out Margate.

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Cameron Reid says buyers are attracted to the peninsula by the lifestyle, value for money and location. Picture: Richard Walker

“Owner occupiers and investors alike have compared the price/value of Margate against Woody Point and Scarborough and have found great buying in Margate,” he said.

Clinton Viertel of Belle Property Redcliffe said Margate also offered great buying opportunities for high end buyers.

“The prices are on the up in Margate,” he said.

“Margate has been identified as a great investment hotspot and as such there are many cottages coming onto the market.”

Mr Viertel said the high end of the peninsula property market performed well across 2019 but buyer interest was strongest in the last quarter of 2019.

Clinton Viertel, of Belle Property Redcliffe, expects strong interest in the high of the peninsula property market in 2020. Picture: supplied.

“The high end market on the peninsula is shaping up for a huge year in 2020,” he said.

“With interest rates at record lows and more confidence returning to the market, we are expecting higher listing volumes and sales.

“Scarborough has been a standout performer and looks like continuing this trend.”

According to Core Logic data, the top growth suburb for 2019 was Rothwell where the median house price increased 13.6 per cent to sit at $375,000.

Margate was in second place with a median house price growth of 4.9 per cent to $427,500 and Woody Point was third with an increase of 2.5 per cent to $410,000.