Brisbane continues to enjoy a comfortable position in the domestic market as a more affordable alternative to Sydney and Melbourne, attracting buyers looking for value for money. According to the CoreLogic Home Value Index for November 2019, the median home value in Brisbane was $ 497,491 – far less than the $ 840,072 in Sydney and the $ 666,883 in Melbourne.
"Housing is more affordable in Queensland than in New South Wales and Victoria. For those buying in Queensland, there is more value for your money because houses are usually on larger blocks, "says Dennis Wong, real estate data researcher at Real Estate Investar.
Although the Sunshine State was briefly hampered by the slowdown in mining, it has recovered very well, with transportation-focused infrastructure projects helping to stabilize the economy. 39 local economy and to generate interest in different parts of the state. Although there have been concerns about oversupply in Queensland, these fears have been largely mitigated by the considerable influx of interstate migrants.
"Queensland paved the way for interstate arrivals and the population fueled the demand for housing, which ultimately reduced excess supply in some areas," says Wong.
This is very well reflected in the state rental market: vacancies tightened faster in the September 2019 quarter than the year before. In the Brisbane LGA, the vacancy rate was very low at 1.6%, according to the Queensland Market Monitor published by the Real Estate Institute of Queensland (REIQ) in December 2019. At the same time, the Greater Brisbane region recorded its rate lowest vacancy rate in over 10 years at 1.7%.
The good performance of the state is hardly limited to the metro, as several other coastal areas also recorded tight vacancy rates, while the Gold Coast and the Sunshine Coast recorded healthy rates from 2 to 3%.
The Gladstone and Mackay pockets were considered the main state housing markets – the former reported a 11.8% quarterly growth rate in the median selling price.
"REIQ data shows that the Queensland market remains less volatile than southern markets, providing relative stability for owners and investors," said Antonia Mercorella, CEO of REIQ.
"Interest rates remain low and banks continue to ease mortgage restrictions to allow more buyers to access home loans."
SUBURB TO WATCH
THORNESIDE: The coastal suburb tells two stories
Located on the waterfront in the town of Redland, the suburb of Thorneside has a thriving real estate market, but the units are experiencing growth decline.
The value of homes increased rapidly at a rate of 26.9% in the five years preceding November 2019. In contrast, unit prices fell 7.7% in the past 12 months, driving up the value median at just over $ 300,000.
For tenants, however, the units are in high demand. Investors can get their money's worth because the average rental yield in this market is 6.2% compared to an average rent of $ 375 per week.
Location: Thorneside is located on the coast in the town of Redland
Units: Although this suburb is struggling with growth, rental yields are high
st kilda west
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