Top-of-market prices, tougher lending criteria and low yields are driving Sydney investors to look north, according to an AAP report published on the SBS website.
“People are like `hey I’m not going to get much capital growth in Sydney because I’m paying at the top of the market and my rental return is not that great’, so the next best thing we’re seeing is Brisbane,” Cohen Handler buyers agency CEO Ben Handler told AAP.
But it’s not just investors spotting Brisbane’s value.
Low interest rates and a desire to beat the boom are factors encouraging long-term renters to take the plunge into home ownership, according to Your Investment Property magazine.
“We’re definitely seeing people who typically were long-term renters really start to look at buying,” Property Pursuit buyer’s agency Director Meighan Hetherington told the magazine.
“I think a lot of them are looking at the market now and thinking this is their chance to get in before the prices really start to rise,” she said.
Hetherington warned Brisbane should not be seen as one market, and tipped detached houses and townhouses to out-perform units.