South-east Queensland and Adelaide’s coastal areas are being swarmed by real estate investors taking advantage of the market collapse.
Despite falling home prices across the nation, now may be a good time to buy with an eye toward the future.
The question is, where?
South Adelaide’s coastal areas and parts of south-east Queensland are garnering the interest of purchasers. Record high net interstate migration to south-east Queensland has exerted extreme pressure on the rental market, which is not likely to abate in the near future. Tens of thousands of people have fled New South Wales and Victoria since the outbreak of COVID-19, but Queensland remains a magnet.
In 2021, around 41,000 people relocated to the Sunshine State from other states and territories. This is in addition to the 30,900 who moved there the previous year.
The population of Queensland is expected to increase by 1.5 million by 2041, and rents have been on the rise. In the northside suburbs of Brisbane, the Gold Coast, and even the Sunshine Coast, there are still some reasonably priced houses available.
After a surge caused by the pandemic, purchasers must be more mindful of what they purchase and the cost. The infrastructure and investment that the 2032 Brisbane Olympics will bring will result in a long-term increase in property values in some areas of the city.
Over the past few years, real estate prices have skyrocketed, but reserve bank rate hikes and growing living expenses have cooled the market.Sydney’s prices remain approximately 34% higher than at the time of the 2019 election, while those in Brisbane and Adelaide remain around 48% and 47% higher, respectively.
From this perspective, such a correction is neither surprising nor problematic. The RBA is slated to make its next decision on September 6.
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