We’ve all been watching the insane property price increases across Queensland with bated breath – after all, what has been driving the prices to go higher and higher?
We’ve previously covered a number of reasons for the drive in property: low interest rates and low supply are just two of the reasons.
The other main reason? Migration.
Quite a spectacular trend in interstate migration has been taking place throughout the pandemic.
Queensland’s net interstate migration rate reached a new record high throughout the most recent September quarter, equating to around 1,263 new residents a week.
At the same time, approximately 1,037 more residents are leaving NSW for other state than arriving each week. New South Wales is not seeing an overall deficit in net residents however, as overseas migrations numbers are now filling the gap left by the interstate outflow.
Melbourne has slid down overseas buyers’ wishlists, with more searching for homes in sunny Queensland instead.
New Zealanders were the most keen to call Australia home, followed by househunters based in the United States, China, Hong Kong, Singapore and the United Kingdom. New Zealanders in particular dreamt the most of making a move to the Gold Coast, Brisbane, the Sunshine Coast, Melbourne and Cairns.
PropTrack’s Overseas Search Data Report author Karen Dellow said despite Melbourne spending more time in lockdown than anywhere else in the world, the city was trumped only by Queensland to still figure among the top-five Aussie markets being sought by international buyers.
“Overseas property seekers are looking longer term; looking to the future,” she said. Buyers are looking for stable markets that have strong outlooks – and Queensland fits that bill perfectly, with the upcoming Olympic Games and various other infrastructure and property developments throughout the state.
As migration rates rise over the next few months, we can expect to see the movement of Australians within the country to slow down. This doesn’t necessarily mean that property prices will cool down – just that we might see some other areas heat up!
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