Logan is in dire need of more affordable housing as homebuyers are stung by a tenth consecutive interest rate rise.
Local agents say interest rates will hurt, but they may not have the same crippling impact they will have in higher-priced areas.
“It’s much more affordable here,” Real Property Vibe agent Alison Veivers-Russel said.
“We are headed in [a more expensive] direction, but not as much as interstate.
“Purchasing prices are still really cheap.”
Ms Veivers-Russel sympathised with new homeowners who entered the market post-covid.
“We’ve had low interest rates for so long, some of the new homeowners haven’t had high interest rates,” she said.
“You kind of save your pennies for a rainy day… unfortunately that’s a lesson they’ll have to learn.”
But reprieve for homeowners may appear sooner than expected.
“None of us have a crystal ball, but I think we may have seen the last of it for a little while,” Ms Veiver-Russel said.
She was not as hopeful for renters.
“Unfortunately, we don’t see any relief for renters – the prices just keep going up – it feels like it is out of your control.”
Mandeep Singh from Belle Property also sympathises with renters.
“I understand why [renters] are very reluctant to invest in the market,” Mr Singh said.
“Landlords are trying to push rent up… and [buying] can scare some people who don’t have the money in their pockets.”
Mr Singh also commented on Logan City Council’s role in the cost of living.
“If Council rates go up it’s going to be harmful to the local community,” he said.
“Council should support people a little bit more in this time.”
Ms Veivers-Russel, however, was slightly more cynical.
“Our rates probably will go up because our land value has gone up,” she said.
“But it’s very hard to predict.”
Interest rate hikes have also threatened the development of new properties in the country.
In January, Australia saw a 27.6% decrease in loans for purchasing and constructing new houses – the lowest since 2008.
But local agents are far from concerned about development in Logan.
“We are fortunate because we still have a lot of land, especially compared to Brisbane,” Mr Singh said.
“[Brisbane is] pretty compact – we have the space to protect development.”
