Lack of housing causing problems for all
YOU might be a billionaire investor or maybe even a first-home buyer but you could still battle the same old problem on the housing front if you are intent on purchasing this spring.
In many states there’s a chronic lack of houses and apartments for sale - with agents and researchers claiming stock availability is down as much as 30 per cent compared with the past few years. Even cashed-up Asian buyers will find the going tough.
Brisbane agent Josephine Johnston-Rowell says her Chinese clients - who flew into Brisbane last week on their private jet - would be happy to smash the city’s $13 million record sale if they could find a house to buy.
‘‘They have advised us that a home with a heliport (or room for one) would be an added bonus,’’ says Johnston-Rowell, who is scouring Brisbane, the Gold Coast and Sunshine Coast for her clients, who have significant mining interests in Queensland.
‘‘Interestingly, these clients would like a property with a bit of history or a story to tell . . . unlike the last Chinese clients referred to me, who were keener on glitz and glamour for their acquisition.’’
On the Gold Coast, Sunland managing director Sahba Abedian said: ‘‘I think overall the sentiment in Australia with respect to property is more positive than it has been in the last couple of years. As to what that implies, we will have to wait and see.
‘‘We feel people are more confident in terms of making a decision (about) purchases of property across the eastern seaboard.’’
In Noosa, Tom Offermann of Tom Offermann Real Estate expects mixed results from his prestige coastal enclave this spring. ‘‘We are going to get a combination of increasing sales activity and some withdrawal of properties by sellers sensing better times ahead,’’ he says.
‘‘The shortage of property will be exacerbated by the fact there has been no new supply of stock for about five years in Noosa. There has not been any development in town over the past five years.
‘‘But the combination of the lowest interest rates in over 50 years and pricing which in many cases is 30-40 per cent reduced (could mean) the property market in Noosa is looking at very good times ahead.’’
On Queensland’s Hamilton Island, the billionaire Oatley family reports a 30 per cent increase in sales over the past 12 months but selling agent Wayne Singleton says the success of sales in spring depends on the outcome of the election.
‘‘The ingredients are there to provide the kick but there’s a lot of other factors.
‘‘I am sitting on the fence. Prices have been steady on Hamilton Island for the past year or 18 months.
‘‘(But) since the GFC, prices have dropped 25 per cent.’’