Recent sales record shows that very few recent inner Brisbane unit buyers are owner residents. Also, most investors are from either interstate or overseas.
- 10% of the new apartment currently being sold across inner Brisbane are selling to an owner resident. By comparison, the last census found that 30% of inner Brisbane’s units were owner occupied.
- Chart 1 also shows that companies (most have SMSF in their title) are also buying new inner Brisbane units. Overall, 90% of the new units across inner Brisbane are selling to investors.
- Chart 2 shows that most investors are from interstate or overseas. Just a third currently reside locally.
- Given the issues FIRB is having tracking overseas buying. It wouldn’t surprise us to find a higher overseas funded investor component than the official records suggest. 40% of the investors in our sample have Chinese surnames.
The recent surge in inner city unit demand does not reflect a fundamental change in Australian society. Society doesn’t change that fast. Investor behaviour towards property has, aided by town planning that promotes speculative apartments over long term owner occupier housing.
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