SEQ upgraders told to 'act now or miss out'

Now is the time for upgraders to make their move in the southeast Queensland market.

This is according to RiskWise Property Research CEO Doron Peleg, who says the region presents good medium and long-term investment opportunities.

“This is due to a number of factors including good internal migration to the region creating an increase in demand for houses,” Mr Peleg said. 

“Also, the area is very affordable compared to Sydney and Melbourne, particularly when taking a long-term view.

“What we are seeing is a market with good projections. You won’t see a red-hot market with double digit growth, but you will see, overall, a balanced market between buyers and sellers with some small pockets leaning towards sellers in high-demand areas. Usually, you won’t see people paying inflated prices.”

He said with the Queensland Government taking significant steps to grow its economy, the local property market was likely to prosper and as a result, the state continued to attract a high number of interstate migrants in search of affordable housing and employment.

The $5.4 billion Cross River Rail and upgrades to the M1 are just two of the major infrastructure projects expected to have an impact on the economy. The Advance Queensland initiative is also designed to create knowledge-based jobs, drive productivity improvements and help position the state as an attractive investment destination with a strong innovation and entrepreneurial culture.

“When we have significant slowdown and price reductions in Sydney and decelerated prices in Melbourne, as is the case now, this traditionally means southeast Queensland attracts more interstate investments,” Mr Peleg said.

“We have good fundamentals right now. Relatively good housing affordability, population growth and therefore demand for houses, improved jobs and economy, weakness in other markets, and modest capital growth so it’s not an out-of-control market.