South east Queensland is back on the radar for property investors after the State Government shelved land tax changes an expert has said.
Co-founder of buyer’s agency, BuyersBuyers, Pete Wargent said now that the State Government’s proposed land tax changes had been withdrawn, confidence was returning to the Queensland market.
“It’s been a highly uncertain period for prospective investors in Queensland property, both in commercial property and the residential space, and many put their plans on hold or looked to invest elsewhere in the country,” Mr Wargent said.
Mr Wargent said South East Queensland, in particular, would again appeal to investors.
“South East Queensland is usually the most popular choice for interstate investors, and now we expect that to continue, which should help to take some of the pressure off extremely tight rental markets,” he said.
“In Brisbane, overall buyer sentiment is significantly cooler than it was a year ago, and there is no scope to negotiate much more forcefully on price and terms for investment grade properties.”
According to Mr Wargent, Kenmore, Boondall, Brighton and Aspley in Brisbane North fit the bill for investors and are proving popular.
Mt. Gravatt East, Runcorn and Calamvale are also solid locations for investors in Brisbane South.
While Sunnybank Hills in the south west and The Gap in the north west have proven to be good choices.
Mr Wargent said there is a range of middle-ring suburbs where buyers can negotiate attractive deals in the current market.
“Vacancy rates are low in the suburbs we have highlighted, and there is very little risk of oversupply in most landlocked areas in Brisbane, as population growth from overseas migration picks up rapidly,” he said.
“The Brisbane market has been a strong performer in recent years, but it’s in a bit of a downturn phase at the moment.
“To generate a strong result over the next decade out to the Brisbane Olympics in 2032 it will be very important to buy the right property and at the right price.”
BuyersBuyers Chief Executive Officer Doron Peleg said there were some excellent opportunities emerging for investors keen to look at houses in Brisbane.
Mr Peleg said there were also solid options for buyers with a budget between $700,000 and $1.2 million.
“It’s important to note that there are always properties worth considering well below the suburb’s median price,” Mr Peleg said.
