Brookwater sales spike defies trends
RECORD low interest rates and solid returns have driven demand for property in the western corridor suburb of Brookwater to a 12-month high.
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RECORD low interest rates and solid returns have driven demand for property in the western corridor suburb of Brookwater to a 12-month high.
Brookwater is the most expensive suburb west of Brisbane with a Greg Norman designed golf course and its own millionaires' row.
Sales in Brookwater over the past two months have increased 300 per cent on sales made in February and March, making it the suburb's most successful sales period this financial year.
Springfield Land Corporation executive general manager communities Scott Biggs said that the spike was due to a variety of factors.
“There's no doubt the region has benefited from the Reserve Bank's decision to hold interest rates at just three per cent,” Mr Biggs said.
“The suburb has also showed itself to be a reliable investment.
“Despite the global financial crisis, houses in Brookwater have continued to hold their value.
“Property information website RP Data shows the median house price in Toowong has dropped 12.7 per cent since the start of the year. In Clayfield it's dropped by 20.2 per cent and in Ascot it has plummeted 41.6 per cent.”
New Zealanders Chris and John Beech made the move last September.
While the couple are currently renting, they have purchased a block of land in the suburb and are hoping to start work on their dream home later in the year.
“Houses are my passion,” Mrs Beech said.
“We have built a few dream homes, but we hope this one is our last.”
Mrs Beech said the couple decided to move from Auckland to be closer to their daughter and two grandchildren.
“I had been coming over every six to eight weeks to see the grandchildren,” she said.
Since Brookwater was launched in 2001, golf frontage land, on average, has appreciated in value by 278 per cent and non-golf frontage land has more than tripled (306 per cent).
Originally published as Brookwater sales spike defies trends
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