Regional price revival
REGIONAL house prices nationally soared at their fastest pace in 35 years, and nowhere was that renaissance more acutely felt than in the “loved to death” Sunshine State.
And the PropTrack Regional Australia Report 2021 by REA Group shows just how much love there has been for Queensland during the Covid-19 pandemic, with the state recording the biggest rush of interstate migrants in the country.
ABS data used in the report shows 30,785 people moved to Queensland in the 12 months to March this year.
By comparison, more than 18,000 people fled Victoria and almost 17,800 took flight from NSW.
“In the 12 months to March 2021, net migration into Queensland was more than double the decade average,” the PropTrack Regional Australia Report 2021 said.
“Sunny Queensland has experienced an influx not seen in almost two decades, with many escaping Covid lockdowns in southern states in search of relative affordability, scenic coastlines and more space.”
In August, Premier Annastacia Palaszczuk hit pause on interstate Covid-19 hotspot arrivals.
Ms Palaszczuk said “Queensland is being loved to death” and being “overwhelmed by new arrivals from interstate hot spots relocating to Queensland”.
The REA data shows that the Gold and Sunshine coasts were the most “searched” regional areas in the country in the 12 months to September, beating the likes of Geelong, Newcastle and RichmondTweed.
Cairns was also one of the top 10 most searched regions in the country.
But it is not just cashed-up interstate buyers searching for their new home in the sun, with the research also revealing that the Sunshine State had become a hotspot for first-home buyers and investors, with Queensland suburbs dominating national lists of “most inquired suburbs”.
Although the Gold Coast and Sunshine Coast claim the spotlight, a number of towns further afield are now having their time in the sun.
Of the top 10 locations where serious buyer demand has increased the most nationally, seven were in regional Queensland.
“When it comes to where demand has increased the most, it’s a Queensland success story once again,” the report says.