The latest housing scorecard from the Housing Industry Association (HIA) ranked Queensland as the top state for the residential real estate market for the first time since 2007.
The Scoreboard, which ranks all eight states and territories based on several metrics, found Queensland was able to outperform all states and territories in construction activity in the top six month of the year.
HIA economist Tom Devitt said Queensland was able to make up for the loss of overseas migration due to strong demand from interstate buyers.
"More than twice as many interstate migrants are heading to Queensland as the average for the past decade," said Mr Devitt.
“Other states have seen an increase in interstate migration as well, but none as strong as Queensland. "
The state has also benefited from the myriad of government stimulus measures – like the HomeBuilder program – and the low rate environment, which have supported demand for new housing.
The state government recently announced that it has already released nearly 50,000 residential lots in South East Queensland to meet growing demand.
"Even in this strong market, Queensland has made the most of its opportunities," said Mr. Devitt.
After Queensland were South Australia and Tasmania, which also benefited from interstate migration and are experiencing record volumes of construction activity.
However, Western Australia recorded the biggest gain in the scoreboard, dropping from the bottom of the rankings to fifth place in less than a year.
"The exodus of residents of Western Australia that has occurred for several years has reversed and there are encouraging signs that the multi-unit market may as well resume, "Mr. Devitt said.
A separate HIA study showed that the tenant exodus in Sydney and Melbourne created tight rental conditions in other cities and regional areas.
The trend to move out of town in Melbourne emerged in the wake of the COVID-19 recession. In the year to March 2021, 32,000 residents left the city for other parts of the country.
Despite this, Mr Devitt said New South Wales may have witnessed a "surprising" trend in its apartment market.
In fact, multiple unit starts in Sydney have already returned to pre-pandemic levels and recent approvals support this upward trend.
"There is very little separation between the seven main jurisdictions and a return to overseas migration will help ensure that the housing market continues to pull the economy forward ", did he declare.
Photo by Kevin Kobal from Pexels
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