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Place Advisory have released their 2017 market predictions report, following what has been a ‘considerably tougher market’ in 2016 compared to previous years.
Reasons cited for the tough or slow 2016 are difficulties in the market due to the federal election, uncertainty regarding policy changes, and speculation of oversupply.
Place Advisory expect to see far fewer new projects come to market, and those that do will be of a much higher quality, focused toward owner-occupiers.
Place Advisory expects to see more ’boutique’ (small, yet high quality) projects, as developers opt for projects that require less presales to construct.
Investors and developers from overseas are predicted to encounter more issues over 2017 following the banks’ decision to limit lending to foreign investors, along with stamp duty surcharges and concerns with foreign investors potentially defaulting at settlement.
With plenty of inner city rental housing along with an aging population, more people are expected to downsize to a smaller apartment in the inner suburbs.
Place Advisory expects the downsizers market to be owner-occupier driven.
With an oversupply of new apartments in the Brisbane market, buyers will be able to better negotiate on deals, and incentives will be used to sell empty apartments. This bodes well for buyers, with plenty of good buying opportunities around.
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