Australian Residential – Queensland the Most Attractive Property Market in the Country
Queensland the Most Attractive Property Market in the Country
Property prices have hit record highs with cashed-up buyers now flying in from southern states on weekends to view homes.
Every second unit buyer in Brisbane was already an interstate investor, but Real Estate Institute of Queensland chief executive Antonia Mercorella said “extraordinary value” across the greater Brisbane, Gold Coast and Sunshine Coast was a factor.
Brisbane’s median house price is at an all-time high of $635,000, but the Gold Coast had cranked up significantly as well in the run-up to the 2018 Commonwealth Games.
The Queensland property market held “irresistible allure” for first-home buyers, especially the Greater Brisbane area where record low interest rates had made the traditional house and land dream viable for hundreds of people.
Ms Mercorella said there were twin effects happening in Brisbane, with the City Council area region hitting a record high, while the Greater Brisbane region remained one of the country’s most affordable areas, with median price of $495,000.
“That’s a really good, positive place to start,” she said. “When you compare to Melbourne and Sydney you simply would not be able to find a house with that sort of proximity to the city at that price.”
“When we get contacted by a Sydney buyer we know they are not just looking.”