Queensland could soon be the largest beneficiary of a property boom unlike anything that has been seen since 2007. Warmer climates and a lower total cost of living than either of the usual suspects Sydney and Melbourne have increasingly bathed Queensland in a new light with property prices expected to skyrocket as people choose to move to the Sunshine State from elsewhere in Australia.
With home loan pauses being resumed, government payments such as JobKeeper and JobSeeker either shortly coming to an end or being significantly reduced and our economy falling into recession, it is no stretch of the imagination to expect that house prices could fall due to the fact that unfortunately some people will no longer be able to service their home loans. This could cause as influx of property to hit the market to be snapped up by prospective homeowners and investors. However, as of yet, this influx is nowhere to be seen. Currently, the demand for housing far exceeds the amount of property for sale. This is a great indicator that housing prices will indeed largely grow as supply is much lower than the current demand.
Housing prices in Queensland sit at an average of $500,000, whereas Sydney has an average house price of over $900,000. This increased affordability along with rock bottom interest rates is obviously being perceived by many to be opportunity of a lifetime. Experts are saying that the boom will be nationwide excluding Sydney and Melbourne. The trend was already apparent before the COVID-19 Pandemic, with Queensland leading the charge, and is now increasing exponentially because of it due to entire state lockdowns and many people being forced to work from home.
Many people are now even being offered permanent work from home positions as some businesses are realising the benefit it can bring for their business and their employees. Now that people are home more, it is becoming increasingly important to love where you live. Places such as the Sunshine Coast is already a popular location for holiday living as it’s close to some of the country’s best beaches. If you’re going to work from home more often, the tempting allure of doing it by the beach or somewhere with an amazing mountain view becomes very important pretty quickly.
This boom is materialising before our very eyes, and this is even before we reap the benefits that will arise from the Federal Budget 2020-21. As we come to the end of 2020 it is beginning to look like a great idea to start looking for a way into the real estate market so you too can start utilising these benefits that we have already started seeing.
If you are thinking of selling your home and would like to get a Free Market Appraisal get in touch today.
Carmel Fulton
Licensed Real Estate
0488 443 239 | carmel@tmestateagents.com.au
Buderim Mall
Shop 7, 86 Burnett Street, Buderim QLD 4556 | 07 5373 5077