According to the latest data from Domain Group rental and house report for the December quarter, the price of property in Brisbane is now half the cost of buying a property in Sydney.
The report now states that the median property price in Sydney can see you parting with a whopping $1.1 million, whilst the median property price in Brisbane sits at approximately $540,000.
Queensland Economy Growing
So, what is the main contributor of this massive price difference? Chairman Rob Honeycombe of Real Estate Institute of Queensland suggests that the economic performance of New South Wales over Queensland over the last few years is an important contributor. Queensland has been seeing an increase in coal prices since June 2016 which is starting to have a positive impact on the Queensland economy, whilst there are a number of important infrastructure developments happening across Brisbane including the Brisbane Airport Redevelopment, Queen’s Wharf Brisbane and Brisbane Live. Once complete, these new developments will put Brisbane on the map as a place to live and visit.
These new developments will create thousands of new jobs during construction phase and once complete they will attract many more residents including a skilled workforce to live and work here.
Interstate Migration into Queensland Rising
Interstate migration also has a big part to play and Queensland has been seeing strong interstate migration, with more people chasing employment opportunities as well as seeking a better lifestyle here.
Analysis from Propertyology shows that Queensland’s latest quarterly interstate migration has grown by 3,328 – the highest level since December 2008. The report has also shown that Queensland has seen three consecutive quarters of interstate migration growth, with more than 3,000 people moving here every three months, whilst NSW has recorded declines over the past three quarters.
As well as this, the number of enquiries from Sydney-based investors have also grown by 60 per cent over 18 months.
For iBuyNew, in the past 12 months, 86 per cent of our Queensland property sales came from buyers situated in New South Wales, giving a real indication that there is a high demand for Brisbane property from those living in New South Wales.
The main reason why so many people are leaving New South Wales to live in Queensland is housing affordability. Queensland’s property is now half the cost of property in NSW and an increase in coal prices and new infrastructure developments are also providing more employment opportunities.
High Quality Lifestyle in Queensland
Queensland has a lot to offer and today more people are focusing on leading a higher quality lifestyle. People want convenience at their doorstep and many of the new off the plan apartment developments satisfy this need. Apartment developments here are close to transport, schools, shops and dining opportunities, whilst a large proportion of these newer developments are home to hotel-type amenities such as rooftop pools, gyms, saunas, moonlight cinemas, teppanyaki grills and private dining, which is attracting more tenants, particularly as Queensland enjoys an abundance of sunshine all year round.
Brisbane to Become New World City in 2022
Brisbane is also on its way to become Australia’s next New World City and to achieve this by 2022
. This means that residents here will benefit from high quality education options, a healthy work-life balance alongside efficient infrastructure and plenty of green public spaces.
If you are a Sydney resident and thinking about buying property, but cannot afford Sydney’s crazy prices, then you might want to think about investing in Brisbane property instead. Whether you are buying a property as an investment or as a home to relocate and move into, there are plenty of high quality Brisbane apartments available to buy today at half the cost of Sydney’s.
To learn more about what new Brisbane apartments are available to buy right now, why not get in touch with the friendly Property Consultants at iBuyNew today. Give us a call on 1300 123 463
and one of our expert Property Consultants can advise you on the right strategy for you, so you won’t get caught out on buying an overpriced apartment.
Published on 15th of February 2017 by Marty Stanowich