Wildfire Raging In The East

Sun Herald

Sunday July 1, 2007

By Ellen Hutton

BRISBANE'S east is leading the surge in the city's frantic property market, with unprecedented demand resulting in record prices.

Deborah Evans of RE/MAX Results Morningside said acreage at Gumdale, 15 to 20 minutes east of Brisbane's CBD, was "going like wildfire".

"There are only around 1000 acreages in Gumdale and every one that goes to auction is being sold," she said. "Nothing is selling for under $1 million."

Ms Evans cited proximity to the city as the suburb's major appeal.

"It is also close to the airport and the Gateway Arterial which offers access up and down the coast," she said.

The average-sized block selling at Gumdale is a little over a hectare, with the suburb's status confirmed by a recent record sale of more than $3 million by RE/MAX Results.

"The inner city will always be a hot spot but there have been some changes to the market even in that regard," Ms Evans said.

Bulimba and Hawthorne, four kilometres from the CBD on the Brisbane River, continue to be popular suburbs, while Camp Hill, six kilometres south-east of the city, has gained ground rapidly.

Many of Brisbane's eastern suburbs will benefit from the Government's newly announced busway development, which will link the city to the suburbs in less than half the traditional time.

Coorparoo, five kilometres east of the city, is also booming, with a healthy rise in the number of units available.