Population growth in Queensland’s regional areas is now on par with some major capitals, as interstate migrants arrive in their numbers
One of the few markets with a positive outlook in the national property scene, Brisbane maintains its status as an ideal alternative to its more expensive peers. “Brisbane’s property market continues to perform well at a time when many other markets are languishing,” says Michael Yardney, CEO of Metropole Property Strategists.
“The real estate [market] has been buoyed by steady population growth driving demand, and underpinned by good economic fundamentals, including job creation and a low unemployment rate. Queensland has now become the number one destination for internal migration, taking over from Victoria.”
Even overseas migrants are starting to opt for Brisbane, with over 12,000 new residents populating the city in the year to June 2018. However, Brisbane isn’t the only local market with a bright future.
“The most recent population figures confirm that the Queensland regional locations of Fraser Coast, Gold Coast, Scenic Rim, Cairns, Lockyer Valley and Sunshine Coast all had rates of growth that were higher than or equal to Perth, Adelaide, Darwin and Hobart,” reports Propertyology managing director Simon Pressley.
Active efforts to improve the infrastructure in these areas has contributed greatly to their popularity. For instance, Cairns Airport is set for an upgrade, and projects are underway to construct new luxury hotels and a convention centre, as well as to expand the seaport.
A fragmented market
For Empower Wealth research director Jeremy Sheppard, however, Queensland is an uneven market that does not expect to experience a major boost.
“Some suburbs will excel while others will dribble. Housing markets with tight stock levels yet strong buyer interest include Moorooka and Ferny Hills. Russell Island, on the other hand, is a good example of a market at the wrong end of the spectrum,” he says.
“Overall, demand for property in Brisbane just outweighs supply. There’s every reason to believe that Brisbane’s price growth will tick along over the next 12 months at much the same rate as it has for the past 12.”
In comparison to Brisbane, the Gold Coast and Sunshine Coast are both seeing greater levels of demand, even though growth rates are slowing down. However, buyers still need to watch out – while the house market in Marcoola has a healthy demand-to-supply ratio, the unit market in Hollywell is quite oversupplied.
SUBURB TO WATCH
INDOOROOPILLY: Houses in, units out
A lush green suburb that is a convenient hub of amenities, Indooroopilly has a property market that’s greatly skewed towards houses.
Houses are flourishing, recording 5.9% growth in the 12 months to June 2018 and taking the median price over the $900,000 mark. By contrast, unit values fell by 4.7%, dropping the median price to just $433,023.
Indooroopilly has a bustling cafe and restaurant scene near the local shopping centre and railway station, which facilitates travel to Brisbane, Ipswich, Richlands and Caboolture. The suburb is also considered a prime spot for academics, as the home of numerous well-regarded private and state schools, such as Indooroopilly State School, Indooroopilly State High School, Brigidine College and St Peters Lutheran College.
Accessibility: Commuters can reach areas like Brisbane and Ipswich by train
Education: Indooroopilly is home to several renowned schools, making it attractive to families