A huge riverfront development in Queensland has triggered an unprecedented investor rush, with enquiries surging following negative gearing reforms.
Brisbane’s Bulimba Barracks land release recorded more than 350 enquiries within days of launching, as investors rush towards new housing opportunities.
It follows the Federal Government’s new tax reforms — there will be a ban on new investors negatively gearing rentals unless it is a new build
A huge riverfront development in Queenslnad has triggered an unprecedented investor rush.
The surge in investor enquiry in Queensland is expected to be mirrored nationally.
The first land release in the development, which includes 10 lots in the 76 lot subdivision priced from $1.5m to $2.5m.
Place and Ray White are marketing the first land release in the development.
Place and Ray White are marketing the first land release in the Builmba Barricks development, which includes 10 lots in the 76 lot subdivision priced from $1.5m to $2.5m and between 305 sqm and 400 sqm.
“Typically, investors account for around 20 per cent of enquiry on new residential product, however since the federal budget announcement, investors have made up approximately 65 per cent of enquiry on Bulimba Barracks,” said Place Projects director Syd Walker, who is marketing the project alongside Ray White Bulimba’s Scott Darwon.
“The Government has effectively created a stronger incentive toward new housing supply by maintaining negative gearing benefits for qualifying new residential developments, while restricting them on established investment properties from July 2027.
“That is naturally pushing investor attention toward new communities and projects where those benefits still apply.
The first land release in the development, which includes 10 lots in the 76 lot subdivision priced from $1.5m to $2.5m.
The Bulimba Barracks land release recorded more than 350 enquiries within days of launching, as investors rush towards new housing opportunities.
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Taiwanese-backed developer Shayher Group bought the Brisbane site along the banks of the River, on Apollo Rd at Bulimba, for $63m from the Department of Defence.
The project, set to ultimately feature 855 mixed purpose dwellings, new streets, parks, retail, commercial and community spaces, was then approved by the Brisbane City Council despite concerns about flooding, traffic and affordability issues.
Render of Paradiso Place.
On the Gold Coast, sales director Brad McMahon said enquiry into Surfers Paradise project Paradiso Place had soared following Tuesday’s federal budget announcements.
“We are only two days post budget but we have had enquiry from potential buyers who specifically said the budget has given them more certainty and confidence to purchase,” Mr McMahon said.
“It has given investor buyers that certainty that they will be able to maximise their tax benefits through negative gearing by purchasing new product.
“From discussions we have had with buyers, they now have that 100 per cent certainty the previous landscape will remain for investors buying new apartments.”
Artist impression of Bulimba Barracks development.
Mr Walker said the federal budget reforms were accelerating an existing supply issue already playing out across Brisbane’s inner-city market.
“The majority of opportunities in this part of Brisbane have historically come through knockdown sites or isolated listings, rather than co-ordinated land releases,” he said.
“That’s why competition has remained so strong, not because demand has changed, but because supply hasn’t meaningfully kept up.”
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