Migrants fly south for the (endless) summer

Brisbane’s property market remains strong due to migration from Asia’s cosmopolitan hotspots as well as Australia’s southern states. 

This year, Brisbane is the popular place to be. 

We have seen a recent rise in the number of residents who previously called Hong Kong home, and it’s not all because of the pandemic. 

Here’s why our city is very much on the radar for ‘Hongkongers’. 

Brisbane’s endless appeal

According to research from expatistan, Brisbane is 31% cheaper than Hong Kong in terms of cost of living. This makes it a very easy decision for migrants to relocate or expats to return home. 

Other factors contributing to the influx of new residents and property buyers in Brisbane include: 

• Brisbane’s fresh air, space and sunshine

With beautiful beaches, a thriving cafe scene and an increasingly cosmopolitan feel, our city delivers the best of every world. Not all towns have the vibe of being on holiday when you’re at home but Brisbane certainly delivers in this regard. 

• Quality education

Three of Brisbane’s universities were featured in the QS World University Rankings® 2023, with the University of Queensland coming out on top, ranked joint 50th worldwide. 

• Housing affordability

Hong Kong is one of the most prosperous places in the world but the cost of housing reflects this and you don’t get value for money when it comes to space. Brisbane, on the other hand, still has relatively competitive prices on generously-sized houses. This makes returning home a compelling prospect, especially for skilled professionals. 

• Lifestyle appeal

The Cigna 360 Global Well-Being Survey of 11,922 people worldwide reveals expat stress has reached an all-time high, with almost all respondents feeling symptoms of burnout. Reports say two out of five expats in Hong Kong are stressed about the future and many are reevaluating their priorities. 

• Economic prosperity

Brisbane is classified as a global city and has one of the largest economies in the Asia Pacific region, sitting above Canberra, Perth and many Asian cities. With plenty of infrastructure planned and new jobs in the pipeline, the economy is set to thrive. 

• International city status

Brisbane 2032! There is nothing like an Olympic event to attract attention, top notch investments in infrastructure and of course; property value. 

• Political upheaval

Hong Kong’s political history can be described as tumultuous, especially since Britain handed control to China in 1997. Reports say Hong Kong suffered financially and culturally during the pandemic so it is easy to understand why people choose to relocate if the option is open to them. 

• Big name companies

From tech startups to finance brands, many global companies are looking to Brisbane to establish offices and headquarters. As reported by commercialrealestate.com, investors from Hong Kong generated up $1.28 billion in Australian property sales during the 2022 March quarter, and Brisbane is tipped to be “one of the most active Australian markets” for international buyers. 

• Work from anywhere

The time difference between Hong Kong and Brisbane is only two hours, which makes doing business relatively easy. After the pandemic, many companies have realised they don’t need all their people in the same country, let alone the same office. This means expats have the option to return home, while migrants can potentially move to Australia without changing jobs. 

Buyer interest is high

It’s not only residents of Asian countries who are looking to Brisbane as their new home turf. The influx of property buyers also come from Sydney and Melbourne, as we reported recently. 

Because of the interest from interstate and international buyers, Brisbane property prices are holding extremely strong, with the average cost of a dwelling rising by 7.2% for the quarter to March. 

Right now, 50% of our buyer clients come from outside of Queensland. We have great relationships with people from far and wide who reach out to let us know what they are looking for and rely on us to connect them with a suitable property.

We are in constant contact with so many purchase-ready buyers from Hong Kong and other parts of Asia. If you’re thinking of selling, now is the right time to take advantage of strong interest from this part of the world. 

I hope you enjoy the read.

Matt Lancashire