Spending 6 minutes with Sonya talking the current property market..
ST – Welcome back to QLD Jason. As someone that is Brisbane born and bred, and having spent the last 4 years in Ray White NSW as their CEO, what do you think is driving our rapid growth in housing?
JA – I put that confidence in Brisbane’s market down to more than just affordability and a top lifestyle, but a rising need for somewhere safe to live in a time of heightened volatility.
In a time of need, the safety of a home has emerged as something unbelievably important in our lives … so, while there’s no question that affordability of money plays a part in this [boom] there’s great energy right across Queensland, and a lot of people have looked at Queensland as a place of comfort and safety Mr. Andrew said.
When you look here, there is no market that isn’t experiencing some form of growth and we’re experiencing a shortage of inventory within the property market. Within the rental sector, you’re looking at a vacancy rate of less than 1 percent.
And on top of that, there’s the interstate migration. I think all of that has driven that to where we are now.
ST – We have seen interstate migration drive prices up back in 2001 and 2011, what do you think creates the momentum?
JA – While Brisbane and Queensland, in general, had long been a popular destination for southern buyers, the city had never undergone lengthy market booms like its southern state capital counterparts. I think what had stopped it before was a handful of missing ingredients such as infrastructure projects and wage growth, with the final addition of COVID-19 resulting in a boom that could change the city’s landscape.
ST – So what’s changed….we have always had great weather.
JA – I agree, we are seeing a real demographic shift though. Previously, in Queensland, it was more conservative, buyers would come up to retire, but it’s not that demographic anymore. Now you are seeing more and more 30-year-olds bidding at auction.
The pandemic has highlighted what a wonderful piece of the world we have here in Brisbane… and it’s exciting because our market was undervalued.
I think it (COVID-19) has expeditiously moved us towards the path we were going towards.
Now, numbers at open homes are unheard of, and prices will continue to increase.
Brisbane home prices have officially overtaken Melbourne, hitting a record high off a massive 64.7 per cent surge since the pandemic – with experts seeing no end in sight as demand rampages. Brisbane home prices have officially overtaken Melbourne, hitting a record high off a massive 64.7 per cent surge … Read more
Brisbane home prices have risen for an eighth straight month to hit a new record high, continuing on a rapid growth path. BRISBANE home prices have risen for an eighth straight month to hit a new record high, and are now a staggering 50 per cent above where they were … Read more