DEVELOPER Chris Anderson believes the Redland property market will hit its straps next year.
Mr Anderson said Redlands had bucked doom-laden forecasts that surfaced this time last year and Redlands would come into its own.
“Those forecasts of property plummets and falls for this region not only didn’t happen, we went the other way,” he said.
That was the result of the location and product.
“While experts are saying it’s southerners moving north for affordability, we’re finding it’s more about lifestyle choice,” he said. “...We’re seeing a mix of local, Queensland state and interstate buyers.”
The greater Brisbane property market had surged this year despite downturns in other states.
Forecasts from the likes of BIS Oxford Economics predicted a three-year growth rate of about 13 per cent across south-east Queensland but Mr Anderson said that was conservative for Redlands given his experience with his developments.
“Buyers are expecting more and now want location that offers lifestyle and convenience with necessary infrastructure on tap,” he said.
Propertyology analyst Simon Pressley said those who were picking real estate hot spots based on population growth were on a fool’s errand.
Mr Pressley said too much faith was placed in population growth as a lead indicator of rising property markets and there was evidence to prove it.
“Completely contrary to what the vast majority of people believe, property prices are not all about population growth,” he said. “To be frank, when picking locations to invest in, I place zero weighting on population projections.”
The comments were prompted by a release of Australian Bureau of Statistics data projecting the nation’s population will reach 50 million in the next half century.
In 2016 Queensland Treasury releases state government population forecasts, predicting a drop in Redlands population to 0.9 per cent annual growth by 2041, due mainly to slowing in interstate migration.
Instead of providing for an extra 62,814 people by 2041, Redland City Council has been told to cater for an extra 44,393 people.
In 2013, the state predicted Redland city's 2016 population of 157,224 would grow to 206,834 by 2041. That has been revised down to 188,401 in 2041.
Council has been under substantial pressure to rein in population growth to save the liveability of the area, koalas and reduce impacts like transport.
Mr Anderson’s nine-level, $100 million, 90 apartment block at Cleveland offered Moreton Bay and island views and design features which allowed for larger apartments.
The build is due to finish mid next year and includes a business centre, function room, reception, three street frontages, men’s shed, craft room and other recreation areas.
“We have taken a very different approach with Toondah Outlook,” he said. “Instead of looking at what people were buying, we asked what they wanted to buy and that’s what we’ve created.”
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