COVID property boom could push QLD home prices up 20 per cent – the highest of any capital city
According to numerous media sources QUEENSLAND is on the cusp of a property boom that could lead prices to skyrocket by more than 20 per cent in some areas and last for years to come.
Fears of a real estate Armageddon in the wake of the pandemic have been replaced with a surge in confidence in the Brisbane and Sunshine Coast’s housing market, driven by an exodus to lifestyle and affordability, infrastructure spending and cheap money.
Buyer demand is at an all-time high and suburb sale-price records have been smashed since COVID-19 took hold in March, while the state’s southern counterparts are languishing.
Interstate migration from southern states is ramping up.
New data from CoreLogic, analyzed by Finder, has found the number of house sales in Brisbane jumped 21 per cent in just one month in July, and rose in value by nearly 23 per cent to a staggering $1.4 billion — a bigger rise than in any other capital city.
Low interest rates, government stimulus and a bounce in confidence are expected to mitigate the risks imposed by higher unemployment.
Economists at Westpac who were forecasting price falls of 10 per cent at the start of the year are now predicting a 20 per cent rise in Brisbane property prices over the next two years — the highest of any capital city.
ANZ has also reversed its negative COVID predictions and is predicting growth 9% pa growth for Brisbane.
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