House prices set to DOUBLE in one Australian capital city as thousands flock to the ‘freedom’ state to escape lockdowns
- Property prices in Brisbane on the rise as residents flee Sydney and Melbourne
- More than 30,000 Australians moved to Queensland in 2020 – a 15-year high
- Ongoing Covid lockdowns and flexibility in working from home are key factors
- Current median house price in Brisbane is $678,000 – that could soon double
House prices in Brisbane could double in the next few years after thousands of residents relocated to the Sunshine State in a desperate bid to escape relentless Covid lockdowns.
In a sign of the times, more than 30,000 Australians moved to Queensland in 2020 – a 15-year high.
And with a population of roughly 3.7 million, Queensland’s southeast corner is already the nation’s fastest-growing zone.
Forecasts suggest it will top five million by the middle of the next decade.
With Queensland premier Annastacia Palaszczuk citing the rush to escape lockdown as the primary reason for the significant influx of people from other states, real estate experts agree the trend is likely long-term.
More than 30,000 Australians moved to Queensland in 2020 – a 15-year high – in a bid to escape lockdowns in the likes of Sydney and Melbourne (pictured, elite living at Hamilton on the Brisbane River)
The current median house price in Brisbane is $678,000 – far cheaper than other Australian capital cities – but that is set to change over the coming years (pictured, Brisbane’s CBD)
‘Homebuyers have realised working remotely due to the pandemic is here to stay and entered a ‘race for space,’ co-founder of national property network BuyersBuyers, Pete Wargent said.
‘There has been a marked shift towards tree-change and especially coastal or sea-change markets, with a rush of city buyers moving outwards to compete for a limited supply on in-demand stock.
‘Surveys conducted via the Australian Bureau of Statistics indicate that while many Australians will ultimately return to the capital cities, the trend towards working remotely is expected to persist for many more businesses than in the pre-pandemic period.’
Wargent said tech businesses currently have to offer flexible working arrangements as a matter of course due to border closures and skills shortages.
Yet he believes as buyers get a taste for living in lifestyle locations, many will choose to stay long term.
While job opportunities have traditionally made Sydney and Melbourne Australia’s chief population growth centres, internal migration has sharply reversed during protracted lockdowns, with southeast Queensland the main beneficiary.
Wargent said while strict rules around the inspection of properties for sale have impacted housing market turnover especially in Victoria, buyers continue to make relocation plans.
Brisbane’s current median house price of $678,000 is less than half of Sydney’s ($1.4 million), with Melbourne’s just over $1 million, according to Domain.
Yet by the time the 2032 Olympic Games is staged, the figure in Brisbane is likely to be as high as $1.5 million.
CoreLogic data shows the city’s annual housing value growth at 18.4 per cent.
It ranked third-fastest city nationally for August (2 per cent) behind only much smaller markets in Canberra (2.2 per cent) and Hobart (2.3 per cent).
Residents are snapping up properties and moving from interstate – and the domino effect is a predicted housing boom in Brisbane (pictured, houses in Bulimba with views of the CBD)
With Brisbane to host the 2032 Olympics, real estate experts predict house prices could surge to as much as $1.5 million – double the current median price (pictured, Kangaroo Point in Queensland)