Queensland property prices defy COVID-19 downturn as interstate buyers head north in droves
House prices in Queensland are continuing their upward march, growing by an average of 0.6 per cent in Brisbane in November, taking annual growth to 3.2 per cent.
Key points:
- Queensland is the number one destination for interstate migration, according to REIQ
- Demand for luxury beachfront property on the Gold Coast is “exploding” among Melbourne and Sydney buyers
- Cairns is seeing unprecedented demand for rental properties from people living interstate
The latest monthly data released by CoreLogic showed prices grew in every capital city rising by 0.8 per cent nationally.
CoreLogic’s Head of Research Tim Lawless said price growth in regional Australia was stronger than in the capital cities, with values in regional Queensland leading the way — rising by 3.2 per cent over the past three months.
“That was the fastest growth rate across any of the regional markets around the country and it really demonstrates the trend we’re seeing towards housing demands really rising, particularly in those markets adjacent to Brisbane on the back of relatively low supply levels,” he said.
Mr Lawless said if the current growth persisted, Australian home values were likely to surpass pre-COVID-19 levels early next year.
CoreLogic figures show dwelling values are up across the board in Queensland.(ABC News: Lewi Hirvela)
“Of course extremely low-interest rates are one of the primary factors that are driving housing markets, but on top of that there’s a lot of other different types of incentives … first homebuyers, building grants.”
