Prices are Recovering in Fairfield and Yeronga
Karen Jensen from Jensen Property sheds light on property prices’ rebound after the floods in an interview with 4BC Breakfast Tuesday morning.
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Brisbane’s inner city suburbs, Fairfield and Yeronga, were affected by the flood in 2011 which caused an immediate hit to the property prices in the area. However, recent statistics from RP Data show decent recovery for the housing market in the Fairfield area. The median sale price in Fairfield increased by 27% from January 2012 to January 2014.
“We are seeing some properties bounce back, achieving pre flood prices, and others are still recovering. The area being such a lifestyle precinct and close to the city, you would expect to see recovery”, says Karen, Co-principal and property market specialist in the Yeronga area, during an interview on 4BC.
“Demand has changed a few things. There has been a lot of enquiry for property in that area. It is certainly a lovely area to live in and people have a confidence in the area.”
“It’s a good market at the moment. A lot of buyer enquiry, a lot of young families wanting to find a home, and interest rates are good again.”
“Sometimes, this is a reflection of properties being fully renovated and achieving their full potential price. Other properties in the area, especially those that were more affected by the flood, are still working to bring their property back to what it was before. It’s a slow process for some.”
Brisbane Market Uprise
Not only are Brisbane’s flood-hit suburbs on the mend, the median Brisbane property prices are on a rise, according to RP Data research.
The median Brisbane house price was up 6% in December, which clearly points toward buyer demand being high. Rich Harvey, buyers’ agent and managing director of Propertybuyer.com.au, says that the Brisbane market is peaking for investors to get in at the early stages of the current growth.
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