This makes Queensland Australia’s number one destination for internal migration, as recorded in the latest ABS Census data. In addition, our overseas migration is at its highest level in years. Brisbane is fast becoming a ‘world-class’ city, and the Gold Coast has introduced a new policy to attract migrants. This creates a greater demand for accommodation.
The national infrastructure spend in Brisbane has surged above other cities to create job demands. An increasing amount of investors have capitalised on opportunities to invest in Brisbane –– due to the affordability factor and stronger rental yields. Many property specialists have predicted that the Brisbane property market will outshine other capital cities over the next few years.
According to CoreLogic, the value gap between the East Coast capitals is significant. A house in Brisbane is normally $437,000 cheaper than Sydney, and $260,000 cheaper than Melbourne. The affordability, better rental yield, and huge job demands associated with government infrastructure spending have put Brisbane in a strong position for future growth. We have confidence that 2020 and beyond present an attractive time period for Brisbane property investment.
Economic forecaster BIS Oxford Economics backs this school of thought with the forecast that Brisbane will lead as the best performer across all property capital gains nationally. The forecast is that investment will surge as much as 20% over the next few years. They expect to see the median house price increase from $552,000 to 665,000. This is the highest predicted increase for all the major capital cities in Australia.
However, not all the regions across the country, or even the State, will perform the same. Even in the same location, different developments can result in a different performance. This relates to the scope of the specific project, the reputation of the developer and the overarching investment strategy. To help buyers make an informed decision, Sunplace can help investors examine what’s going on in the Sunshine State on an in-depth basis.