Three reasons Brisbane is doing better than Sydney and Melbourne
A WORKING class suburb in Brisbane has beaten the bluechips to pull off the highest growth the state has seen in the past decade.
Underwood in Brisbane’s south has seen a massive 65.6 per cent rise in median house prices between May 2008 and May this year, according to latest figures by property data experts CoreLogic.
It comes as a prominent Sydney property expert declares there is now more optimism for Brisbane than Sydney and Melbourne thanks to the city weathering the unit glut, interstate migration, a fairly valued market and the economy picking up again.
None of the usual bluechips were on the top 10 list which saw Ashgrove come in second (53.4 per cent) followed by Sunnybank (50.7 per cent) which rode a wave of Asian buyer interest in recent years.
SQM Research head Louis Christopher said there was growing evidence that Brisbane had coped better than Sydney and Melbourne with recent housing market woes, prompting fresh optimism.
Brisbane listings figures out yesterday showed the city rose the highest of all the capital cities last month, but unlike Sydney and Melbourne where the effect of a rise in listings was a drop in asking prices, in the River City prices rose almost in defiance.