So, what does all this mean for conveyancers?

THE federal government’s target to build 1.2 million homes in five years is too ambitious, conveyancers around the country believe.

George Sourris, from Brisbane conveyancing firm Empire Legal, thinks the federal plan is a stretch “unless some major fires get lit under some people in government fast”.

“I don’t know how it’s going to be possible, because we’ve got a huge tradie shortage as well, and they’re already busy,” he says.

“It’s one thing to say, we’re going to build 1.2 million homes, but we’re already behind.”

Brisbane added over 80,000 people during 2022-23, a growth rate of 3.1%, ABS figures reveal.

The growth corridor of Boronia Heights – Park Ridge in Logan grew the most.

Mr Sourris says house hunters must go further out until it’s affordable.

“If they keep pushing people further out, they need to have more services in these more ‘regional areas’ like hospitals and shopping centres.”

Government concessions to developers could help drive higher density housing, while opening up more land could enable more home construction, he says.

Mr Sourris predicts conveyancers will become even busier if the shift continues outwards.

“Queensland’s got the highest interstate migration in the country – we’re busier every week. For us, it’s fine but for the individuals on the other side of the transactions, between cost of living and not being able to find a place, it’s a terrible experience.”

Australian Institute of Conveyancers Victoria treasurer Lydia Maric has witnessed homebuyers moving to the fringes, but says some have decided to return closer in, frustrated by a lack of services.

“There is no infrastructure. They do not want to be sitting in their cars for an hour to get out of their suburb,” she says.

Thus far, city planners have failed to accommodate the needs of the population shift, she says.

Meanwhile developers are being hindered by red tape, as public housing accommodation sits vacant.

Ms Maric does not believe the federal plan of 1.2 million homes within five years is achievable.

“It’s overestimated if they can think they can achieve anywhere from 200,000, 250,000 homes a year,” she says.

“You’re still going to be building where probably someone doesn’t want to go.”

Chris Tyler, the Australian Institute of Conveyancers NSW CEO, believes the government ambition seems like a “very big stretch target”.

If it plays out, it will likely boost demand for conveyancers. However, any continued shift of people to the metro fringes does not necessarily mean more conveyancers will be needed in those areas.

While “very handy” to have members on the ground with local knowledge, Mr Tyler says conveyancing is very much now a digital process.

However, with many AIC members sole or smaller practitioners, he sees room for growth: “I think conveyancing firms have to get bigger, develop more ability to transact on larger volumes and have infrastructure in place to manage all the risks associated with that.”

Meanwhile, Prime Minister Anthony Albanese says the government thinks his plan can be achieved: “We want to pursue it. We have a financial incentive for states and territories to do it, and we’re working constructively.”