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.
To see more see
the full article
https://www.realestate.com.au/news/covid-property-boom-could-push-qld-home-prices-up-20pc/
Right now, at RealRenta Join now and get 50% off the normal low price:
That’s the cost of 1 cup of coffee a week to manage your rental property
https://mailchi.mp/realrenta/50-deal-2020
RealRenta also has a free vision, so why not check it
out
Jason Gwerder
Monday, 26 October 2020
