The Brisbane property market has been widely tipped to bounce back following recent reductions in interest rates, softening of lending criteria and lack of quality stock available.

This uplift in demand for local property has been largely driven by the investor market who are seeing favourable conditions as residential rental vacancy rates continue to tighten.

While relatively unaffected by the property downturn that slashed property prices in Sydney and Melbourne, the Brisbane market suffered the ongoing effects of oversupply in the unit market in certain locations.

Several Brisbane developers placed sales and marketing efforts of unit projects on hold until positive market indicators returned.

Helping to achieve this state of balance is improved consumer sentiment which has not gone unnoticed by local agents and property marketers.

“With two interest rate cuts and reduced uncertainty around lending, we’re seeing much greater enquiry levels as buyers and investors return to the market,” said Principal of Belle Projects, Colin Hatch.

Brisbane property is also proving to be an alluring investment option from interstate buyers seeking greater affordability, value for money and attractive rental yields through tightening vacancy rates.

“Brisbane is entering a new property cycle and astute investors understand now is the time to act,” said Mr Hatch.

Understanding the Brisbane market and producing quality product, Honeycombes Property Group has been gearing up for the right opportunity to reintroduce the Thomas Street units to the broader market.

Honeycombes Property Group’s Managing Director, Peter Honeycombe has suggested it won’t be as simple as picking up where they left off due to the changing needs and preferences of buyers who seek greater amenity and optimised living spaces.

“Through our own discussions with buyers we found a real preference for the 2 bedroom with multi-purpose room," said Mr Honeycombe.

"Consequently we’ve reduced the total number of units and reconfigured the layouts enabling the introduction of 40, 2 bedroom units with multi purpose rooms.” 

“The amalgamation of two one-bed units has created spacious apartments with a minimum of 108sqm starting at $475,000, prices reflective of the 2016 market.

Mr Hatch said the evolution of Westfield Shopping Centre at Chermside to include a dedicated dining precinct has been timed perfectly with the release of Eight on Thomas Street, Chermside to the market.

"We have done a relaunch of the project and enquiry levels have increase," said Mr Hatch to WILLIAMS MEDIA.

"There has been a mixture of investors and residential enquiries, which is quite a surprise at this stage where construction hasn't started.

"People from the south side of Brisbane are looking at downsizing."

“The expansion of the retail and food offering on the doorstep of these spacious units adds another layer of lifestyle and convenience to this well appointed project," said Mr Hatch.

“Now is the time to pop into the onsite display before you head over to Westfield to do your shopping. You never know, this could become a daily outing from your new home.”