Before COVID-19 took its toll on the economy, several factors indicted growth across the state’s dwelling markets, particularly in the South East Queensland (SEQ) region, according to CoreLogic.
A factor was the moderation in dwelling completions. Over the March quarter, only 8,805 homes were completed, down from a peak of almost 12,300 three years ago. Another driver is the interstate migration data.
Three SEQ cities — Gold Coast, Sunshine Coast, and Ipswich — reported the highest volume of net interstate migration in the state, based on the June 2019 data from the Australian Bureau of Statistics. The territory where most migrators to Queensland came from was the Australian Capital Territory.
These migration patterns reflect the strength in demand across SEQ. This will be crucial in the growth of the state’s housing market as it recovers from the impacts of the outbreak.
Queensland, so far, has recorded mild declines in dwelling values amid the pandemic. Over the quarter, the capital growth declined only by 0.2% in Brisbane and by 0.1% in regional markets. This is in comparison to the more substantial declines, particularly in bigger housing markets in New South Wales and Victoria.
12 month Growth
Weekly Median Advertised Rent
Gross Rental Yield
Source: CoreLogic, August 2020
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