Brisbane Mania- let me out

Went looking for a house under $150k ANYWHERE in Brisbane yesterday, talked to many agents. A 2 bed “renovators delight” house in Beenleigh was auctioned for $190k. Funny, as a fully renovated 3 bedder nearby went for $210k.

For the last 3 weeks I have been noting the number of people outside Beenleigh RE agents. 2 weeks ago the average was 2, last week it was 5, this week it was 8. So there is now nothing in Beenleigh under $150k, in fact, even under $180k. Talked to some investors at the auction, also some RE agents. They all said interstate investors were buying 2 or 3 properties each, without even inspecting them!. So I drove out to Browns Plains, were I talked to another agent.
“where can I get a house for under $150k?” I asked. he replied:
“not in Brisbane…..not even under $200k anymore….I have a waiting list of 120 people who want something, anything under $200k. They dont even have time to inspect. That delay is too costly. The urban sprawl ends here, and beyond this the land alone starts at $200k.”

All of this makes me wonder, do I need to change my plan? With all these reno newbies flooding the market, are they creating a supply-demand distortion? Everyone wants a reno delight, and not many people want to pay for a reno someone else has done, because they see how easy it is to do it themselves on TV.

I drove to Forest Lake, a highly advertised new development. Properties there were selling at a yield of 3-4%, which is a joke. Seemed to be a lot of rentals available also. $240k for a new house getting $180 wk in rent, if yo can find a tenant.

OK, thats it. Im out. It could get worse but Im not chasing this. I either have to buy a property I cant inspect (because someone will buy it while I waste time inspecting), or buy one with a 3-4% yield. No thanks.

For all those who are chasing this, good luck, you are gonna need it.