Queensland leads Australia’s property pack with almost 51,500 properties settling through the first quarter of 2022 in the Sunshine State, narrowly ahead of Victoria, according to new sales data from property settlement platform PEXA.
Surfers Paradise was one of Australia’s most popular areas for buyers during the March quarter, 2022.
It is the third consecutive quarter more properties have settled in Queensland than any other state, a trend PEXA’s head of research, Mike Gill, said was unprecedented and aligns with near 20-year high levels of interstate migration to the state.
In a significant buyer shift, urban areas performed much stronger than regional locations in terms of sales volumes.
“The evidence suggests that buyers want to be closer to jobs,” Mr Gill said.
He said Queensland sales were being propelled by residents of Sydney and Melbourne moving north for cheaper dwellings and a change in lifestyle.
“This is a very recent phenomenon,” he said. “Pre-pandemic, Queensland really never benefited from the growth in the property market that Sydney and Melbourne did, so we saw property prices flat-lining for a number of years.
“That affordability gap really did grow and, of course, Queensland was very successful in limiting and restricting the spread of COVID compared with other states. Its property market benefited from that.
“Even though prices have risen steeply, there is still a big gap between median prices in Brisbane versus Sydney and Melbourne. It is a very attractive proposition from that perspective.”
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