Queensland hot property for interstate buyers
Jobs programs and projects poised to drive demand for regional housing
THE Queensland property market is one of the most affordable housing markets in the country, with strong lifestyle factors further improving desirability.
Anecdotally we are starting to see more property buyers from Sydney and Melbourne buying Queensland property, either as an investment or to live in, and this is supported by ABS internal migration data that reveals some inner Sydney suburbs, such as Sydney – Inner South West, are among the areas losing the greatest numbers of population in Australia for the 2016 financial year.
Generally speaking, Queensland’s real estate market can be divided into two categories – steadily growing, or facing challenged conditions. The markets in regional Queensland, north of the Sunshine Coast, are facing challenged conditions.
However, recent State and Federal Government budget announcements, with billions of dollars allocated to jobs programs and major infrastructure projects, are expected to create positive impact on demand growth for housing in regional Queensland.
However, it is still unclear when the impact
❝ In the south-east corner, the real estate market is propelled by strong growth in the Gold and Sunshine coasts
will materialise and how successful these programs will be.
In the south-east corner, the real estate market is propelled by strong growth in the Gold and Sunshine coasts, and supported by steady demand in Greater Brisbane.
Comparing March 2017 property price data with March 2016 we can see consistent growth in most south-east corner markets.
Brisbane’s outer markets of Ipswich LGA, Logan LGA, Morton Bay LGA and Redland LGA all showed solid growth in their housing market median prices of between 1.7% and 3.3%. The unit market in these areas softened or grew only marginally, from 0.5% growth (in Logan LGA) to a fall of 2% (in Moreton Bay LGA).
Looking forward, the REIQ expects Queensland’s economy will improve as the resources market shows improvements.
In addition, with significant levels of government infrastructure spending targeting regional Queensland, jobs will attract workers back to these areas, driving demand for housing and improvements to the local economies.