Property in Brisbane is now officially half the price of Sydney.
Sydney’s median house price today’s sits at 1.1 million dollars its officially twice the price of Brisbane’s median house price of $540,000.
Due to the affordability on offer in Queensland and the fact that massive spending on infrastructure projects is underway interstate migration is set to increase substantially to the “Sunshine State” from families living in areas such as NSW.
Real Estate Institute of Queensland chairman Rob Honeycombe said the economic performance of New South Wales over Queensland in recent years was partly responsible for the huge price differential.
“It was inevitable that we’d see a widening gap in median house prices and the latest stats shouldn’t come as any surprise,” he said.
“There’s a pretty consistent pattern in interstate migration following house price growth in Sydney particularly. People regularly move to chase work and employment opportunities, but lifestyle is also a huge factor.”
Honeycombe said Queensland had long been the happy recipient of strong interstate migration and the trend was likely to continue given the property price disparity between the two states.
Honeycombe believes that Queensland’s employment fortunes are on the improve, which, along with housing affordability, will underpin future strong interstate migration growth into the state.
“The house price gap is just too large,” he said.
“People can save so much money by making that move, and that’s going to start to become very attractive for those who either already own a home in Sydney or who are weighing up the option of buying in Sydney.”
So which areas will people move to in Queensland?……..Brisbane and surrounds are obvious choices but their are many other regional areas on the radar.
To help you as an investor work out which will be the most attractive areas for growth over the next few years, the following statistics from Queensland Government treasury re projected population growth to 2036 may help.
Many of the above areas have been through the doldrums in the past few years and yet to begin their growth cycles.
This offers investors the opportunity to purchase while prices are very affordable plus take advantage of low vacancy rates and excellent rental returns.
If you need reports/statistics or a quality new property in any of the above areas feel free to call Terry on 0412472172.