There’s a change in the air in the inner Brisbane real estate market… the Gen Y’s are coming!

With the affordability of buying a house compared to buying a unit on the decline, many young people looking to purchase their first property are shifting their plans to apartments and units instead of the traditional house, yard and picket fence dream of old.  A particular focus is on in the inner city areas where we are likely to see a significant demographic shift over the coming year as more under 35’s move into the area purchasing units in the CBD, New Farm and Springhill.

“We are definitely seeing a lot more interest from the Y Generation when it comes to open houses and online enquiry compared to a year or two ago”, said Hannah Schuhmann, owner of HS Brisbane Property.

“It just makes sense!  Young people like to live in the heart of everything, they work and play in the city so living in the hub of all the action is definitely appealing to that demographic” she said.

It is likely to be a mix of young urban professionals, singles and couples that will be the strongest group of purchaser we will be seeing move into the market over the coming year.

“The time where you can purchase a great CBD apartment for under $280K is short lived and these buyers know it.  A lot of the enquiries on a unit that we are currently selling in Ann Street  for $269K have been from young Professionals looking to live or invest in the city.”

“When you compare a great purchase price like this, in a stellar CBD location, where there’s likely to be huge future growth as well as all the lifestyle features that attract the young people, it is no wonder they are choosing this option over a $550K mortgage in the suburbs”, said Hannah.

Though this could mean more competition in the near future for buyers, it is music to the ears of vendors looking to sell their inner city apartments this year as a whole new wave of cashed up, hungry purchasers enter the market.