Brisbane City has been noted by many for its rapid expansion and growing population, yet it could be argued the real population growth is in middle and outer-ring suburbs like Mt Gravatt, as more people move towards quieter and more affordable alternatives.
Despite fears of unit oversupply, growth in outer-ring suburbs is predicted to remain strong, with a recent NAB report saying that ‘High unit supply levels are generally confined to specific areas of the inner-city where high-rise apartment project numbers have surged’. So while South Brisbane could reach oversupply, it might not be the same for Nundah.
While demand for an apartment in the city continues, middle and outer-ring townhouse demand has grown thanks to lower prices. The inner-ring population growth is ballooning with 94,000 to migrate over the next 20 years, but outer ring growth is predicted to grow by 150,000 over the same period.
Experts at REIQ fear vacancy rates are too high in the inner-city at 3.7%, along with the number of proposed developments. However, middle ring suburbs only have a vacancy rate of 2.7%, which REIQ considers as ‘healthy.
Sources:
NAB Australian Housing Market Update – August 2016
REIQ – Vacancy Rates Improve in Most Markets, Ease in Inner Brisbane
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