Igniting the Brisbane Lifestyle: River Fire Festival and Its Impact
Brisbane, the vibrant capital of Queensland, is truly coming into its own. With a burgeoning culinary scene, a quietly thriving tech industry, and its upcoming role as the host of the Brisbane Olympic Games, the city's evolution is undeniable. One event that perfectly encapsulates this growth is the iconic Brisbane River Fire Festival, a celebration that not only lights up the night sky but also enhances the very fabric of the city's lifestyle.
The Brisbane River Fire Festival, an annual fireworks extravaganza, has become a signature event that draws locals and tourists alike. Its dazzling display of pyrotechnics set against the backdrop of the Brisbane River highlights the city's natural beauty and landmarks. Beyond its visual splendour, the festival fosters a sense of community, reinforcing the social fabric of the city and encouraging connections among residents.
This cultural growth is closely intertwined with the city's development across various sectors. The emergence of diverse dining options, the rise of the tech industry, and the anticipation of the Brisbane Olympic Games are transforming Brisbane into a dynamic metropolis. As the city garners more attention and opportunities, these elements collectively contribute to an enriched lifestyle for its residents.
I was fortunate enough to be part of the Queensland Technology and Innovation festival this week and share a panel with some interesting industry figures. The content from the speakers and seeing what is being developed was exciting to see. I remember years ago feeling very alone when it came to meeting tech-heads. However, we’ve recently sold 3 properties to people that work in industry ranging from $300,000 to multi-million-dollar homes. I always enjoy talking to them about their work and chatting with them about our technical aspirations for real estate, and it’s no surprise they all tell me the industry needs the shakeup.
Anyway, this exciting transformative phase is set to influence the local property market. The influx of new industries, increased cultural appeal, and global events like the Olympics can drive demand for housing. As Brisbane gains recognition on the international stage, the property market might experience heightened interest from both domestic and international investors. However, careful consideration must be given to maintaining housing affordability and preserving the city's unique character as development progresses.
In conclusion, the Brisbane River Fire Festival stands as a radiant symbol of the city's growth. Its celebration of community, coupled with the rapid development in various sectors and the upcoming Olympic Games, augurs well for Brisbane's future. While the property market could see positive impacts, it's crucial to strike a balance between progress and preservation to ensure that the essence of Brisbane's charm remains intact.
If you’re buying, renting, selling or need a new property manager get in touch with our team. Otherwise, have a great River Fire weekend!
Thanks again for reading. Cheers, Henry
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It’s Spring Selling Season once again, but this time around we’re likely to see a boost to listing numbers will provide good news for buyers in what remains a competitive market. A low supply of homes for sale across the inner-city of Brisbane is the key reason why property values continue to remain resilient despite the monthly doomsday predictions. Rising rates typically subdue the market but demand has been outweighing supply, which continues to surprise even the wisest of pundits. Demand is strong still strong for three key reasons: • Low unemployment, and a large cohort of cash buyers unaffected by interest rate rises. • Surging migration with 715,000 (net) new migrants expected to arrive in Australia over the next two years (most will settle in Sydney and Melbourne). • The return of foreign investors, including parents buying homes for their children who are coming back to Australia to recommence in-class university studies. The number of homes for sale in Brisbane has been low for a while due to the market correction late last year and earlier this year, and in addition to that, continuing rate rises. CoreLogic data shows listing numbers began increasing during the Winter season, which is a bit unusual for Brisbane – we’ve very much a start of the year or end of the year selling city. Seller confidence should return given the prospect of improving prices and the likelihood that rates will stop rising soon (or hopefully come down), and looking ahead to Spring, increased stock will rebalance supply and demand. The pace of home value increases has moderated in Brisbane recently, with prices up ever so slightly month-on-month, up 1.4% in July and 1.3% in June. The rental market remains strong in Brisbane with most of our assets under management renting off-market or being under application within 7-14 days. If you’re considering buying, renting, selling or looking for a new property manager this Spring please reach out to us we would love to be of assistance. As we welcome back the warmer months, I look forward to seeing you out and about in our amazing community. Thanks, Henry
Aug 22, 2023
Lack of supply for buyers and renters.
The home supply shortage in Queensland is hitting from all angles at present, we have a low supply of homes available for purchase and for rent. I was asked a great question the other day, “Is the low amount of stock for sale due to the fact there isn’t many options for people to buy, is it fear of not finding something?” Let’s unpack that question. It’s likely a combination of factors, including higher interest rates making it hard for some upgraders to get the finance they need, concern that once they sell it will be hard to buy back in and a lack of motivation to become an investor/landlord where policy has favoured the institutional landlord model, better known as Build-to-rent. On top of that, we’re in the midst of a rise in immigration, with the Federal Budget forecasting net 700,000+ new migrants moving to Australia over the next 18 to 24 months. This is continuing to add significant pressure to the overall problem. Something else to consider is the extended period of high construction costs, labour shortages, and stories of builders going bust or exiting Queensland has likely discouraged more people to build or renovate, but rather buy in the established home market instead. Strong employment continues to underpin demand, but we also have a large and growing number of buyers in the marketplace today that is unaffected by interest rate rises because they’re purchasing with cash. PEXA recently released figures showing that 25% of residential sales across the eastern seaboard last year (NSW, QLD and VIC combined) were to cash buyers. With unit sales so strong, it’s fair to assume that a large portion of the 25% are first home buyers with the assistance of the Bank of Mum and Dad and loads of government help including stamp duty breaks and the First Home Guarantee. When you package all this together, we’ve got quite the problem on our hands. A lack of land releases and affordable new developments. It’s concerning when you look at the growth Sydney experienced post-2000 Olympics. It’s only a matter of time before the Brisbane games arrive and we potentially see similar growth. If you’re looking at purchasing or renting a home across the inner city of Brisbane, reach out to our team for assistance. Enjoy the rest of your week. Cheers, Henry