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Brisbane units snapped up by owner-occupiers

The number of purchases of three-plus-bedroom apartments has surged in Brisbane, which has been taken as an indication that unit owner-occupiers are becoming more prominent in the market for the inner city area. 

It was noted that this trend has developed as investor numbers fall away - and figures for the final quarter of 2016 published by Urbis show sales were slowing for one- and two-bedroom apartments, Domain reports.

Stock aimed at local buyers remained steady, with Urbis associate director Paul Riga noting that three-plus bedroom apartment sales have gone from eight per cent of the market in the previous quarter to 15 per cent of the market, as indicated by the latest figures. 

Less apartment stock aimed at investors was being made available, which is why investor involvement is slowing, although the reverse is true for owner-occupiers. 

“We've seen more of a release of that product in the most recent quarters and the local market is seeing that the supply is there and they're ready to buy," Mr Riga remarked.

He added that he expects the number of owner-occupiers to grow exponentially as more locals relocate toward the inner city. 

"For Brisbane, we're expecting to see that owner occupier market grow in the coming quarters," he said. "What you see when an owner-occupier moves into a precinct [is that] their friends relatives and acquaintances will start doing similar things."

Similar growth of the owner-occupier market is occurring on the Gold Coast. Matthew Schneider, director of Urbis, said the area is moving beyond its reputation as a holiday spot for south-east Queensland - going so far as to suggest it is currently the most buoyant market in Australia. 

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