Property bargains lure city dwellers

THE country charm and cheap prices have been drawing city dwellers to Warwick, where decent houses cost a fraction of what they do in Brisbane.

Expert have said that a shortage of stock meant prices were likely to rise later this year, and agents are seeing a lot of interest from south-east Queensland with Brisbane people citing cheaper prices and lifestyle as reasons for mulling a shift to the Southern Downs.

This hasn’t fully materialised yet according to The Real Institute of Queensland’s June quarter figures, which recorded a median price in Warwick of $235,000, only a very modest increase from $233,000 five years ago (down 4.9% on the previous quarter and up 1.6% for the year).

In a rural areas, productive land capable of generating income for owners is still in demand, despite a slight downturn in the past quarter.

The latest REIQ figures showed a median price of $352,000 for acreage properties across the Southern Downs, down 0.7% on last quarter, up 7.7% from the previous 12 months and up 17.6% on figures from five years previous.

Stuart Finlay, sales consultant and residential and lifestyle specialist with LJ Hooker Warwick, says a shortage of stock is probably behind the figures, and he expects the coming months to be busy ones in the Warwick real estate market.

“We are still seeing a shortage of stock here in Warwick,” Mr Finlay said.

“We haven’t seen that situation in several years and it will drive prices up eventually.

“I’m very positive about the coming months. If we can get more stock I believe the prices are going to go up as a result of that demand.”

Mr Finlay said out of towners were seeing the appeal of Warwick.

“We get a lot of interest from Brisbane and the Gold Coast with people looking to move to Warwick.

“We are only a couple of hours from everywhere, and we have good schools and a great community.

“Affordability is still really strong here in Warwick. You can purchase an entry level brick home for under $300,000 which is much better value than these buyers can get elsewhere.”