After spending an exceptional Easter long weekend with my favourite people on an almost endless stretch of Gold Coast beach, Queensland’s epic rise in interstate migration is a no-brainer for me. However, what is it doing to real estate, particularly Brisbane’s prestige property market?
Around 1500 people are landing across the southeast weekly, which surely impacted on Queensland having the fastest growing population over the year to September 2022, according to the Australian Bureau of Statistics (ABS). The same data shows Queensland also maintained the largest net inflow of interstate migrants, in comparison to other states and territories, over the year to September 2022.
The COVID-19 pandemic was the catalyst which made people truly grasp that a better version of their idea of paradise was just a hop, skip and jump across a border or two. While property prices here are achieving record highs, due to not only interstate migration but the likes of Brisbane’s 2032 Olympic Games, real estate is still deemed relatively affordable and indeed, prestige property is believed to be attainable, in comparison to relative Sydney and Melbourne offerings.
So, while everyone is keen to live here, and prices are reflecting that demand, Brisbane’s luxury housing market is not only competitive on quality and design, but remains extremely good value for our interstate arrivals. Which means prestige sales are maintaining their buoyancy despite increasing pressure from the RBA and inflation concerns.
A word of advice – move here now if you’re considering joining the masses, before you miss out on securing your slice of real estate in one of the greatest cities in the world.
I hope you enjoy the read.