Several industries might be grappling with the impact of the coronavirus lockdown but the property market in Brisbane, particularly in Paddington, is attracting significant interest from cashed-up international and interstate buyers, who are looking to live in a community that could better handle the pandemic.
Alex Jordan of McGrath Paddington noticed the increasing numbers of expats interested in buying in Brisbane, considered an economic safe haven “because of the way we handled COVID.”
Aside from this, Mr Jordan said that what’s luring buyers from abroad or other regions are Paddington’s good lifestyle and affordability compared to other regions. What’s more interesting is that these property buyers from abroad are not actually able to see the site physically. The transactions and communications are mostly done on Facetime or Zoom.
“The ones that I’m exposed to and talking with are looking at properties above $1.5 million and they are looking for something modern or brand new and in a good location – typically in the more affluent pockets such as the inner west that’s close to quality schooling,” Mr Jordan said.
Place Brisbane CEO Damien Hackett also said that whilst there’s a rise in foreign buyers, Brisbane’s property industry, in general, is carrying forward amid the pandemic. REIQ’s last quarterly report revealed a stable market and minimal changes in house prices given the circumstance.
Investors are apparently confident in Brisbane’s housing market, which has prevailed amid the unpredictably. There’s also an increasing number of listings of properties for occupancy or ownership.
Mr Jordan, however, said that demand is greater than the supply in Paddington by at least 30 percent year on year.