The $1M-plus sector is leading the charge in Brisbane. We are seeing this sector perform strongly due to the outstanding value that is currently available. Over the past 12-18 months we have seen considerable momentum building in the sub-$1M market, while the luxury market in Brisbane has, until recently, gone by under the radar. 

For buyers in Brisbane that can afford to extend themselves over $1M, they will find more value for money than if they were looking between $750K and $950K. We have also seen an increase in interstate investors who are seeing value in the luxury market in Brisbane, particularly when compared to the Sydney and Melbourne markets. This increase in both local and interstate investor activity has largely driven the resurgence in Brisbane’s luxury market in early 2015.

More people are buying higher end homes in Brisbane right now. We are seeing home owners who have benefited from a strong market in the $750K to $1M range looking to capitalise on this and take advantage of the value in the higher end.

The latest REIQ data shows a drop in sales in the sub-$350K bracket. There are still areas of the market that are performing strongly sub-$350K however a major concern in Brisbane at the moment is the oversupply of apartment stock at the lower end of the market. This is concerning to investors as they are worried about this oversupply continuing with the number of developments that are yet to even be completed.