Queensland Benefiting from Interstate Migration

Queensland is currently the primary beneficiary of the housing interstate migration demand as the number of residents from other states moving into the sunshine state is at its highest since 2007.

According to property research constancy Urbis, Sydney’s new apartment market saw a standstill in the September Quarter when buyers abandoned the NSW capital for more affordable options in Brisbane and Melbourne.

In comparison to a decrease seen in Sydney’s off-the-plan sales over the quarter, Brisbane, Melbourne and Gold Coast are all seeing a strong increase in sales.

The Urbis figures show the $833,152 weighted average sale price of an apartment in Sydney over the quarter was more than $200,000 higher than in average of $600,558 in Melbourne and nearly $100,000 higher than the average$736,065 price tag in Brisbane.

The Urbis figures also indicated that these markets have also been offering higher returns to investors.

Urbis said that the primary reason for this has been the tighter lending requirements by banks now also impacting owner occupiers rather than just investors.