Queensland will likely be the number one destination for investors this year, as the Sunshine Coast and Gold Coast are in high demand, according to the Real Estate Institute of Queensland (REIQ).
Antonia Mercorella, CEO of REIQ, said the Queensland real estate market has been able to remain "extremely stable" over the past year. In fact, prices in the state rose 6.1% in the last three months of 2020.
"Between historically low interest rates, low availability of inventory for sale, improving consumer confidence and the unbeatable Queensland lifestyle, it's not surprisingly we have also seen larger increases in month-to-month values ??in 2021, "she said. "Queensland is shaping up to be a strong bet for investors, with properties from the Gold Coast to the Sunshine Coast selling quickly and on a solid footing for capital growth in 2021."
Brisbane hit a new record median price of $ 725,000 last year, reflecting annual growth of 5.8%. Housing prices in the state capital rose a further 0.9% and 1.5% on a monthly basis in January and February, respectively. The latter represents the largest increase since November 2007, when the monthly growth rate was 1.72%.
As conditions deepen in Brisbane, regional markets continue to outperform the state capital. The Sunshine Coast remained the state & # 39; s top market – homes and units in the area have shown tremendous growth in the final months of 2020, recording gains of 7.7% and 8%, respectively.
Mercorella said regional markets benefit from high interstate migration, which continues to push prices up.
"The Sunshine Coast and Gold Coast have for years been the main destinations for internal migration. And with minimal international migration at present, this internal movement is really benefiting our markets compared to other countries. other parts of the country, ”she said.
The strength of regional markets is also evident in the gains reported by each local government region (LGA). In fact, of the 56 LGAs, 52 posted annual gains, with Cloncurry (36.2%), Murweih (30.4%) and Isaac (25.0%) performing the best.
"If you consider the unique attributes and characteristics of the Queensland market, combined with historically low interest rates, growing consumer confidence and billions of dollars in dollars in the marketplace. investments in infrastructure, the stage is set for one of the strongest real estate growths we've seen – a very long time, "said Mercorella.
Top suburbs:
Geelong West
,
Canterbury
,
berala
,
Goulburn
,
alderley
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