Brisbane is destination of choice for both developers and buyers
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Brisbane to become new destination of choice for both developers and buyers
It’s well documented that most Sydneysiders are being priced out of the housing market, with frequent stories of homes without kitchens, sites of crime scenes and other unusual properties are selling, possibly due to the fact that they’re often a touch cheaper than average. However, many Sydneysiders and even some Melbournians, realising that they’ll never own if they stay put, have chosen to head north where summer never ends and there’s a burgeoning bar and cafe scene good enough to make any foodie drool.
Noticing this trend, many property developers have also moved into the Brisbane and Gold Coast markets, hoping to capitalise on the popularity the sunshine state is experiencing. Reports suggest that property developers have already bought more than $100 million in development land and will spend close to $1 billion in developing properties, primarily apartments, across this space.
As a result of this newfound interest, Brisbane has the highest yield for apartments across Australia, making it a prime opportunity for both investors and buyers to cash in on a growing market. Mivac has purchases 480 hectares of land south of Brisbane city with plans to build up to 3000 new homes to accommodate the growing interest in the river city.
The Gold Coast’s endless white beaches and relaxed culture are also drawing in developers from around Australia. Sydney developers Ralan have already spent $70 million on site for a $1.4 billion project and Winten Property have invested $10.3 million on land to buy a 30-storey apartment. Both are keen to take advantage of what appears to be some of the lowest property development risks on the east coast.
All reports confirm that the growing interest in Queensland’s key cities by interstate developments and property buyers will continue well into 2016, with Brisbane potentially eventually rising to become a new destination of choice.
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