Port of Brisbane's possible rental boom

Workers in the Port of Brisbane are desperately seeking rental accommodation in the area, one local real estate agency would have you believe.

Justin Greacen from Acuity says a booming import-export industry means contractors are working 12 hour plus shifts and need places to live close to the docks.

He says this has increased demand for bayside properties, especially for new properties which require less maintenance.

“The Manly area has historically been characterised by three-bedroom, chamferboard properties. These houses require a lot of maintenance and usually have a single bathroom, so they have not been traditionally attractive for renters who would be required to share bathroom facilities in a multiple-bedroom property,” Greacen says.

“Making new townhouses like Balé Vue Residences, with 2.5 toilets and 2 bathrooms, is a lot more appealing for young, professional people wanting to share accommodation, and has therefore increased interest in the area among potential renters, as well as people wanting to downsize.”

Greacen is currently marketing units Balé Vue (pictured below).

But analyst Simon Pressley from Propertyology warns investors not to get too excited.

“That whole precinct is a very important area to Brisbane’s economy. It’s officially Brisbane’s second biggest employment node outside of the CBD itself but that hasn’t changed overnight,” Pressley says.

“That’s always been the case. Going forward as Brisbane’s population grows and as our connection with Asia increases that precinct will take on even greater significance.”

He says the Bayside suburbs aren’t experiencing any great boom and those saying it is have vested interests in selling property.

“The performance of property values is always going to be linked to the capital cities.”

“If Brisbane doesn’t have a spectacular period then the Bayside suburbs won’t either. But I think Brisbane in general is going to have a good three to five years.”