Homebuyers in Sydney and Melbourne trigger record price growth

“Most of the agencies here have returned double the value of the property since around April 2020… and the surge in interest in the property has taken us all by surprise.

Queensland has attracted interstate home buyers looking for a relaxed lifestyle.

Queensland has attracted interstate home buyers looking for a relaxed lifestyle.Credit:State Department for Development, Infrastructure and Planning.

“We probably saw a 30% increase in the number of buyers coming from Sydney and Melbourne… and I think about 40% of all buyers were from Victoria with 25% from NSW and the remaining 35% from Brisbane and locally. The Victorians have endured the worst blockages and they have always had a love affair with Noosa, so the pandemic has left a lot of people on edge to make that decision.

“Besides the increase in the number of people interested in buying in Noosa, the main trend change has been that people are looking for a place to live and work rather than just vacation homes and investments. “

The trend was mirrored across the Gold Coast, with house prices exploding north of 40 percent in a handful of suburbs as interstate migration doubled in 12 months.

In October, sales data accumulated over the previous 12 months revealed that Surfers Paradise had won the gold medal for most sales across the country.

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First National Real Estate Surfers Paradise auctioneer and longtime agent Bob Rollington said the city’s relative affordability compared to Sydney and Melbourne has propelled the boom – with sales tens of millions of millions of dollars. dollars clocked in in 12 months, including the $ 24 million transaction from 5 McMillan Court, Southport.

The sale, collected in March this year through Amir Prestige, fell only $ 1 million from the record high gold Coast home prices (which was also the previous record for home prices). of Queensland).

“Much of this (growth) is catching up. Where the Melbourne and Sydney markets have doubled, the Gold Coast real estate market, until 18 months ago (had plateaued), ”Mr. Rollington said.

“I think people have realized how good value it is here, and I also think that due to COVID people are realizing that they can travel (and live) anywhere.

“So the migration to the south has doubled in the last year… and with the growth in house prices we have seen 20% and 30% across the board… and for apartments they were the star player in outsiders.

Gold Coast apartments are in high demand.

Gold Coast apartments are in high demand.

“Just 18 months ago, they were a tough sell for $ 450,000. But now they are raising $ 550,000 to $ 600,000 and that’s just for the basic two [bedroom] units.

“The Gold Coast is no longer just a small country town. You are buying from a premier, prominent location… the spotlight is on us now… and we will continue to shine for years to come.

Queensland recorded the highest number of interstate arrivals, according to the Australian Bureau of Statistics, as around 28,500 people migrated north.

In Brisbane, quarter-over-quarter price growth pushed real estate medians in some downtown hot spots – like Norman Park and Indooroopilly – up 36% in the year to September, revealed the Domain House Price Report.

Real estate prices in Brisbane have increased this year.

Real estate prices in Brisbane have increased this year. Credit:Matt Dennien

The tectonic shift in appetite for homes in the state capital of Sunshine has also led nearly 20 suburbs to join the mid-million dollar club – a club set to grow further after the announcement in July that Brisbane would host the Games.

“One of the things about Brisbane and the southeast corner of Queensland is that we can go in at one speed and exit at another. So we got into Christmas at a pretty high speed in 2020 and got out again. hotter in 2021, ”said Haesley Cush, manager of Ray White New Farm.

“And there were times when people pushed the pause (on buying a property) and it cost buyers a lot. Brisbane’s high-octane market saw a 30% increase in just six months (in some areas), but the highlight of the year was the announcement of the 2032 Olympics.

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“Even if the market were not in good shape, it would have supported a good outlook for the future which pushed things higher.”

Mr Cush said the level of interstate activity also bolstered the city’s rental market – which fell to its lowest annual vacancy rate in years in 2021, according to data from the domain.

“A highlight for us was that we sold six properties, unseen, in a six week period to interstate buyers and four of them were worth over $ 4 million,” he said.

“On the rental side… in the last two weeks, over 50% of the inquiries we’ve received have been from interstate people… and logic suggests they’ll rent and look around before they buy.

Although the city’s home price record remains at $ 18.48 million – set for 1 Leopard Street, Kangaroo Point, in 2017 – many suburban home price records were broken during the year , including a riverside mansion at 78 Jilba Street, Indooroopilly, marketed by Jason Adcock of Adcock Prestige, which grossed $ 12 million at the end of last month.

The breathtaking sum broke the previous record of almost $ 6 million.

“All ends of the market (have played)… and I think that’s because Brisbane has such a great reputation as the lifestyle capital,” Mr Cush said.

“It has worked according to script for the past year or so and everyone who lives here (during the pandemic) was still able to go to the beach on weekends, and they still had an affordable place to live.”

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