State of Markets – QLD October 2012

Prices remain low in Brisbane buyer’s market
The large number of properties for sale is keeping prices in Brisbane down, according to the most recent Commonwealth Bank Home Buyer Index (HBI).

The index confirms Brisbane as a buyer’s market, along with Adelaide, Hobart, Perth and Sydney.

According to the report, “Brisbane’s housing market has recorded one of the weakest performances in terms of value declines over the past 12 months and conditions generally reflect a buyer’s market.

“The HBI is showing extreme buying conditions across around half of Brisbane’s sub-regions, highlighting the low level of buyer activity relative to the number of homes being advertised for sale.

“The markets that show the most challenging selling conditions are generally the more affordable regions located outside of the Brisbane council area boundary.”

AirportlinkM7 now open
Brisbane’s AirportlinkM7, one of Australia’s largest infrastructure projects, is now open and is set to facilitate easier access to the state capital, the Queensland government said.

The AirportlinkM7’s opening was announced by the state’s development, infrastructure and planning minister, Jeff Seeney.

“Along with the Clem7 Tunnel and the Go Between Bridge, Airportlink will change the way people travel across some of the busiest parts of the city,” Mr Seeney said.

“It will reduce travel times significantly and should ease traffic congestion in Brisbane's inner northern suburbs by linking the busy northern arterials of Gympie, Stafford and Sandgate Roads to the Inner City Bypass and Clem7.”

With travel times cut substantially due to eased congestion, investors and tenants alike will be able to looking further out from the city centre for property.

The $4.8 billion project, which took four years to complete, is one of several planned for the area’s road network.

“Brisbane now has the most sophisticated road tunnel system in the nation which will provide important economic benefits for Queensland,” Mr Seeney said.