COVID property boom could push QLD home prices up 20%

QUEENSLAND is on the cusp of a property boom that could lead prices to skyrocket by more than 20 percent in some areas and last for years to come.

Fears of a real estate Armageddon in the wake of the pandemic have been replaced with a surge in confidence in the Sunshine State’s housing market, driven by an exodus to lifestyle and affordability, infrastructure spending, and cheap money.

From Cairns to Coolangatta, buyer demand is at an all-time high, and suburb sale-price records have been smashed since COVID-19 took hold in March, while the state’s southern counterparts are languishing.

New data from CoreLogic, analysed by Finder, has found the number of house sales in Brisbane jumped 21 percent in just one month in July, and rose in value by nearly 23 percent to a staggering $1.4 billion — a bigger rise than in any other capital city.

Economists at Westpac who were forecasting price falls of 10 percent at the start of the year are now predicting a 20 percent rise in Brisbane property prices over the next two years — the highest of any capital city.

Propertyology head of research Simon Pressley is expecting boom conditions "not seen in this country since the turn of the century” by Christmas — but not in Melbourne or Sydney this time.

"Queensland can expect to finally be the beneficiary of strong property market performance,” Mr. Pressley said. "We have to go way back to 2007 since anywhere in the state except Noosa produced a year or more of strong capital growth.

"Double-digit capital growth over the next 12 months is highly possible in most Queensland locations.

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Jason Gwerder
Monday, 26 October 2020

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