In the aftermath of several lockdowns on both sides of the border, an increasing number of Sydney residents have fled to Brisbane.
Marco Poggi, a real estate consultant, has shed light on the situation in Brisbane.
“Property prices have increased in Queensland but they’re still not as high as in Sydney,” he said.
Over the past year, both property and rental prices have risen, generating panic among aspiring first-home buyers and investors, as well as those looking to rent in good neighbourhoods.
“During the pandemic, many families have decided to move to Queensland from Sydney, but this trend actually began a few years ago,” Poggi said.
“Queensland has earned a reputation as a safe place; this, combined with the pandemic and the shift to working from home, has just intensified the trend.
“Before COVID-19, median house prices were $955,000 in Sydney and $530,000 in Brisbane.
“After the pandemic hit, prices increased due to a lack of materials, logistical problems, lockdowns and less workers.
“Median house prices jumped to $995,000 in Sydney and $550,000 in Brisbane.
“It’s still a long way from the madness of Sydney, but there has been an increase of around 28 per cent in Brisbane.”
Poggi explained that some specific areas of Brisbane are experiencing renewed popularity.
“House prices in Everton Park, Kenmore and Indooroopilly have doubled and in some other neighbourhoods, we’ve seen an increase of up to 45 per cent,” he said.
“Rental prices have also increased by around 10 to 15 per cent.
“It’s a good time to buy a property in Brisbane and we expect interest to continue to grow in 2023, especially in the lead up to the 2032 Olympics.
“I’d suggest also keeping an eye on properties in Perth, which are currently cheaper than in Adelaide.”
