The prospect of rising building costs and the challenges of securing tradies could be tipping buyers away from doer-uppers and towards move-in-ready homes.
“We are starting to see a shift in the demand for some property types across Brisbane,” reports Smart Property Investment.
“For example, properties that need a lot of renovation or improvement work are becoming less popular. Perhaps this is due to the difficulties in locking in a builder, or other tradespeople, to complete improvement works. Or perhaps it is due to the uncertainty around cost escalations associated with the construction industry as a whole. There may be some good buying opportunities for these types of properties in the months ahead.”
So what property types will be on trend as buyers balance affordability and convenience?
Good quality townhouses and units are tipped to see a resurgence in popularity.
“This is perhaps a sign of shifting demand as more buyers are priced out of houses, so instead of compromising on the location to buy, they are looking to compromise on the property type.”
Adding some early evidence to this theory is data that shows Brisbane unit growth of 1.2 per cent last month outpaced Brisbane house growth of 0.8 per cent. This is the first time units have outpaced houses since September 2020.
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