Packed to the rafters: Brisbane facing exhaustion of housing land
In as few as three years, Brisbane could run out of space for new homes.
An alarming projection says the city is on track to exhaust its available land for new housing by 2024.
According to a report released last year, south-east Queensland needs an extra 31,979 dwellings each year to keep up with demand.
But the social housing register has seen a 70 per cent spike in just three years as rental vacancy rates sit at a 10-year low.
Queensland executive director of the Property Council of Australia says something needs to be done now before prices skyrocket even more.
“Unfortunately that is a situation we do not want to be in, so we do not want to see the price inflation we saw when Sydney decided they were full and put the fences up,” she told Scott Emerson.
“What we need to have is a really clear plan about how we are going to unlock land, because there is land out there, it just might have barriers to it, it might not have the infrastructure it needs, there might be environmental concerns or approvals that need to be worked through, there might be community sentiment preventing it from going ahead.”
Press PLAY below to her hear predictions
“It’s a startling prediction, isn’t it?” Neil Breen said.
Brisbane isn’t the worst hit, however, with Noosa predicted to have just one year of available land remaining.
Further afield, other Queensland cities have land available for centuries.
Press PLAY below to hear where buyers might soon be moving