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Bigger is better in Queensland, say real estate experts

Queenslanders are developing a taste for larger and more luxurious apartments, according to property expert, Urbis Director, Paul Riga.

Mr Riga, who featured at Dye & Durham’s Future Property & Development Insights Virtual Roadshow Series, said apartments are now being seen as long-term living options, which is changing the way developers build.

“It is no secret the Queensland property market has benefited significantly from Covid lockdowns elsewhere. We first saw major interest in housing which is now translating to apartments, particularly in Brisbane and on the Gold Coast,” he said.

“Data from the Urbis Apartment Essentials reveals that owner-occupiers are now making up 50 per cent of new apartment buyers which wasn’t the case two years ago. Developers are aware of this move and are now looking closer at the finer details and size.

“Across the board, we are seeing a lower proportion of one-bedroom units being built; with a higher number of three to four-bedroom options.

“Apartments are no longer just an investment option to house students, they are now seen as family homes.

“This is particularly the case in the Southern Gold Coast, where price points for apartments are leading the rest of the nation.”

Mr Riga said the market is moving quickly, with many properties selling within days.

“Clearance rates alone speak for themselves; prior to Covid, new apartment projects were transacting at 10 per cent of total available product each quarter. Now apartments are being snapped up quickly, and we are seeing clearance rates of 30 to 40 percent of product selling per quarter.”

Dye & Durham Managing Director, Peter Maloney said the Queensland virtual roadshow brought together a number of real estate, development and property professionals to outline all that is in store for the market into 2022.

“The industry had been through a huge amount of change over the last twelve months. This event was an opportunity to come together, realign our thinking and learn from the experts to prepare for the year ahead,” Mr Maloney said.

Mr Maloney hosted the event alongside Dye & Durham Executive General Manager of Software Solutions, Jack Mead and Matter Centre Manager, Ajitpal Kaur.

The recording of the Queensland Future Property & Development Insights Roadshow is now available to watch on-demand here.