Brisbane residential property picked as residential 'hotspot'
A leading Australian property consulting firm has identified South Brisbane as one of eight residential property 'hotspots' that could see increased activity over the next year.
According to the director of property economics at Urbis, Malcolm Aikman, the area is set to be the focus of a wave of new investment as the "trendy" area attracted consumers looking to upgrade their lifestyle.
Aikman asserted that South Brisbane contains a good mix of public transport, entertainment and affordability that made it a very enticing area to live - and to buy.
"I think it's almost always the case when people look around and things are really tough, that is where the investment opportunities are," said Aikman.
"Unfortunately it coincides with people not having money to spend and a lower level of confidence."
With its mix of public amenities, shopping opportunities and affordable prices, South Brisbane has been likened by some to be a small cousin to Greenwich Village in New York City - and still has a number of infrastructure projects in the pipeline.
Aikman explained: "Median price for apartments in 2011 was $400,000 but this won't last given the magnitude of investment pouring in and around the area."