A recent PIPA survey shows that 44% of property investors are now looking to purchase interstate - this is up from 41% a year ago. In addition, more than half now believe sunny Queensland offers the ‘best’ investment potential - an increase from 36% last year.
ABS data from March 2021 shows many capital cities around the country experienced a net loss of 11,800 people in the first quarter of the year - the most significant quarterly net loss on record. While Melbourne and Sydney lost 8,300 and 8,200 residents respectively, Brisbane gained the most, with 3,300 people migrating to the sunny state. In the previous quarter, Brisbane also experienced a +4,800 net migration.
The major drivers to this significant migration to Queensland have been lifestyle changes prompted by lockdowns across Victoria and New South Wales and the recent uptake in working from home.
Simon Pressley from Propertyology commented to Your Investment Property (YIP) magazine that “repetitive lockdowns have already been the catalyst for thousands of CBD and inner-city businesses permanently closing the doors. Others are embracing the flexibility of work-from-home, and there’s a lot less appeal now for living in confined spaces.”
Data shows that Surfers Paradise was the number one Australian suburb for property turnover, with Southport, Broadbeach, Maroochydore and Buderim also making the top 20. In addition, PRD research across the past five years shows the Gold Coast has consistently recorded double-digit median price growth for both units and houses.
PRD Chief Economist Dr Diaswati Mardiasmo said the Gold Coast represents some of the best ‘major city’ opportunities for first home buyers. “I find it fascinating that the Gold Coast is the only major city house market - compared with Sydney, Brisbane, Melbourne, Perth, Hobart and Canberra - that has equal opportunities in both inner and middle rings, in the most affordable price brackets,” Dr Mardiasmo said to YIP.