Inner ring capital city property markets across Australia have started the autumn selling season with all guns blazing. The February decision to cut rates by 25 basis points has given some inner ring markets an additional edge, while a relatively early Easter and the impending school holidays is creating buyer urgency.

Our offices around the country are also reporting a significant shortage of stock for sale this autumn, with listings down by about 10% nationally compared to this time last year, which is great news for those owners considering a property sale.

In the inner Brisbane suburb of New Farm, a four bedroom grand colonial style home at 11 Abbott Street recently sold under the hammer for $1.31 million. This timelessly elegant home was built at the start of the Great Depression in 1929 and the auction attracted around 60 interested parties, with six registered bidders jostling for the right to call this iconic property home, said selling agent Lee Paul, Principal of Raine & Horne New Farm. Inner city New Farm is always a sought-after location thanks to its proximity to the Brisbane CBD, which is just two kilometres away.

The supply of houses is another factor in the strength of the New Farm market given that 76% of properties in the suburb are apartments, according to Paul. Therefore when a house comes onto the market, it’s hugely popular with families seeking a property close to the city. Paul expects the autumn market to favour sellers as a consequence of a shortage of quality stock.

In Sydney, suburbs within 12 kilometres of the city centre are attracting plenty of autumn buyer sunshine, illustrated by an original two-bedroom ground floor apartment at 1/10 Moore Street, Coogee1 selling in a flash at auction last weekend for $1.43 million. Selling agent Tony Laing, Co-Principal of Raine & Horne Coogee/Clovelly, said the auction attracted 55 registered bidders and sold for more than $500,000 above the vendor’s reserve. Laing issued around 150 contracts, which indicates the strength of the inner ring suburbs in the City’s east, and this buzz seems set to continue for some time yet thanks to the availability of cheap housing finance and a significant lack of stock.

Meanwhile in the Northern Territory, the next phase of the massive Ichthys Inpex LNG project2, which is expected to attract thousands of new workers to Darwin, is set to turbo-charge the city’s real estate markets. For cashed up buyers prepared to make a move now, the inner northern Darwin suburbs of Karama and Malak are worth considering before the Inpex worker influx takes effect, recommends Glenn Grantham, General Manager, Raine & Horne Darwin. They recently listed a three bedroom house at 4 Kabbarli Court, Karama3 for sale from $550,000 to $590,000, which represents great buying. If this property was in Driver, a suburb in Palmerston which has a similar style of housing, it would be worth over $600,000. Yet Karama is closer to Darwin, which makes Karama a suburb to watch as the dry season starts to take hold.