Southerners who moved to Brisbane in the past six to 12 months and rented, were expected to shift the market now by looking to buy.
Sydney and Melbourne buyers are still snapping up property in Brisbane, but some rental properties are expected to free up soon as interstate renters shift the market. Southerners are most keen to buy property in the city’s inner-west suburbs of Paddington, Red Hill, Ashgrove, Bardon, Indooroopilly, Taringa and St Lucia, industry experts say.
But those from NSW and Victoria who moved to Brisbane in the last six to 12 months and rented, were expected to shift the market now by looking to buy. Real Estate Institute of Queensland chief executive Antonia Mercorella said those buyers were often looking at suburbs such as Paddington if they had families, or South Brisbane and West End for younger couples, and were particularly focused on the lifestyle those areas offered. Mercorella said while the push from interstate was a sign of positive growth for Queensland, and could propel the state forward in the lead-up to the Olympic and Paralympics in 2032, there was significant concern over the added demand.Credit:“Whether those people from interstate are buying or renting them, they’re adding to that demand queue and that’s the challenge, how will we continue to provide shelter for all these people in Queensland?”Mercorella said she was hopeful the housing summit called last week would help to address the issue, “because otherwise we’re going to turn something that’s positive into a catastrophe”. “This is an opportunity for us, we can really propel our state forward on this, but it could also go dreadfully wrong if we don’t start planning better.”The state government has begun to look at the issue, as population projection data forecasts more than 17,000 people will move to South Brisbane by 2041, about 14,000 to West End, and about 12,000 to the Newstead-Bowen Hills area.A recent report by the Property Council of Australia forecasted that Queensland will record an additional 220,000 interstate migrants over the next five years. The state government this week under emergency planning changes moved to allow residents to rent granny flats to combat the housing crisis. Traditionally, a granny flat has been viewed as part of the original dwelling on the block and could only be rented out by family.Deputy Premier Steven Miles said the move was needed as Queenslanders were still living in their cars. Locals also continue to be priced out by interstate buyers, who are used to much higher prices in Sydney and Melbourne. Judi O’Dea, from Ray White Paddington, said interstate buyers often made up about 20 per cent of the bidders in the inner city west auctions. “It’s often the school zone people and a lot of them are CEOs who want to have access to the city,” she said. “They want houses that are definitely done. They want to be able to come and live in them and get on with their lives straight away. “They really, really want a pool. They want the Queensland lifestyle – some of them want finished, polished Queenslanders, and others are very happy with a contemporary home or a loved, beautifully renovated home.” But O’Dea said now, some of the thousands of southerners who moved and rented for six to 12 months, would be ready to buy, causing those rental properties to free up.Another factor O’Dea said agents were keeping an eye on was whether Brisbane would provide the community and facilities southern cities, particularly Melbourne, offer. “We do wonder...whether in two years time they’ll want to go back, but it’s a bit too early to tell,” she said. “I found my southerners in NSW, they seem to be quite content because that was a pretty wild life and a very expensive one in Sydney and they love Brisbane. “They’re still coming, they’re just not coming in quite the numbers. I’m still very busy. Probably not seeing as many overseas clients as I was. I think they will come here because of the excitement of the Olympics. “Last weekend the clearance rate rose to nearly 74 per cent at auction, so it’s pretty strong again and I don’t know if buyers realise that yet.”
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