Migration and changeover costs key factors affecting Brisbane’s inner-west
Brisbane’s property market has seen a stable but tight performance over the first half of 2018. The continuing influx of migration, with very little signs of slowing, has assisted in the housing sector getting a valued boost over the past 12 to 18 months.
A significant portion of the buyers entering our market are people that have opted out of Sydney and Melbourne’s pricier market places and are keen on relocating to Queensland to enjoy our enviable, and more affordable lifestyle. Best of all, many are selling properties in Sydney and Melbourne and buying in Brisbane mortgage free, with change left over.
Another key factor for the Brisbane property market is the changeover costs associated with moving. As the years have progressed, people have become more conscious of the costs involved in relocating.
The costs and stamp duty alone on the sale and purchase of a property can reach in excess of $50,000. Because of this, more home owners are choosing to stay and renovate as it can be a cheaper option with money not being wasted. Significantly home owners who enjoy a bigger allotment and like their neighbourhood are more likely to consider this alternative than to relocate.
The combination of migration and people choosing to keep their current home and renovate, we feel is also contributing to a stronger executive rental market. The migrating families who expect a high level of housing whilst they decide on which area they wish to live, as well as those who need to move out of their home to renovate, are usually the prospective tenants for our executive properties.
In summary, we consider there is still strong buyer demand, with the majority of sales from either home owners downsizing, or young couples wanting to get into the market.
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