24/01/2023
Nothing those in the market don't know already in this article. There's very few rental properties available and rents are soaring (after being fairly stagnant for a long period). There's a combination of factors for this, many spoken about in the article, but there's other factors that rarely get discussed. A number of years ago BCC changed direction in respect to development applications (supposedly in response to the community's feedback for less density), immediately banning new townhouses in the LR zone, applying stricter enforcement of site cover, deep planting and open space provisions, and increasing the required number of car parking spaces. The result of all this are nicer, more expensive units and townhouses, but far less investor driven developments being produced and less dwellings overall... a 5 storey unit block now needs a whole extra basement level in most cases, even if directly opposite a train station. The second car space buyers now get for their two bedroom unit is valued by owner occupier buyers, but less so if at all by investor buyers. It means most new unit developments in the last 3-4 years have been aimed squarely at owner occupiers with sizes and prices to match. It is a slightly different story for townhouse developments, where we were already providing a double garage for most townhouses, however, where we may have previously developed 5 townhouses, 2 of which had single garages, we now develop 4 townhouses, all with a double garage. We no longer have those 1-2 townhouses per development that were often purchased by investors or budget conscious buyers.
New data shows the number of Brisbane homes for rent shrank by 17.8 per cent last year, with fresh analysis finding some areas absorbed as much as 14,000 new residents during the pandemic.