A new report has revealed where property investors are taking advantage of the market downturn.
BuyersBuyers CEO Doron Peleg said that despite falling house prices across the country, now was a “potentially suitable time to buy” with an eye to the future – but “the question is where?”
The new BuyersBuyers report found that property investors are buying the dip in south-east Queensland and Adelaide’s coastal suburbs, 9News reported.
Queensland’s population is tipped to increase by 1.5 million people by 2041, and rents have been on the rise.
“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,” Peleg said.
In 10 years’ time, the 2032 Brisbane Olympics will benefit investors from the infrastructure and investment the global event would bring.
Property prices have boomed over the past two years, but the cash rate hikes and skyrocketing cost of living have softened the market. Still, according to the report, Sydney prices continue to sit about 43% higher than during the 2019 election, and in Brisbane and Adelaide, prices were up by about 48% and 47%, respectively.
“Viewed through this lens, such a correction is hardly surprising, or even problematic,” said Pete Wargent, co-founder of BuyersBuyers.
The next RBA decision is set for Sept. 6, 9News reported.
