Property investors are taking advantage of the market downturn and swooping on south-east Queensland and Adelaide’s coastal suburbs, according to a new report.
Despite house prices sinking across the country, chief executive of BuyersBuyers Doron Peleg said now was a “potentially suitable time to buy” with an eye to the future.
“The question is where?” he said.
Adelaide’s coastal suburbs to the south of the city and parts of south-east Queensland are attracting attention from buyers, Peleg said.
Record high net interstate migration to south-east Queensland has been putting intense pressure on the rental market, and is unlikely to yield any time soon.
Tens of thousands of people have packed up and left New South Wales and Victoria since COVID-19 ravaged both states, but Queensland is a magnet.
Some 41,000 people moved to the sunshine state in the last financial year, following the 30,900 who relocated there from other states and territories the previous year.
Queensland’s population is forecast to grow by 1.5 million people by 2041, and rents have been soaring.
Peleg said there are still some affordable options in Brisbane’s northside suburbs, on the Gold Coast, and even on the Sunshine Coast.
“But buyers need to be more considered about what they buy and the price they pay after a surge through the pandemic.”
Over the long-term, the 2032 Brisbane Olympics will boost prices in some parts of the city because of infrastructure and investment the global event will bring.
Property prices have boomed over the past couple of years, but Reserve Bank rate hikes and rising costs of living have softened the market.
However, according to the report, Sydney’s prices remain about 34 per cent higher than at the time of the 2019 election, and in Brisbane and Adelaide prices remain about 48 per cent and 47 per cent higher respectively.
Viewed through this lens, Pete Wargent, co-founder of BuyersBuyers, said such a correction is “hardly surprising, or even problematic”.
The next RBA decision is scheduled for September 6.
Article source: www.9news.com.au
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