Brisbane has started to take over the lead in property market, with Melbourne and Sydney starting to decline. BIS Oxford Economics predicted Brisbane to have the strongest growth in the next three years, with an increase of 13% to a median of $620,000. According to CoreLogic, Sydney experienced a 4.4% drop compared to Brisbane’s value growth at 1.1%. The price of Gold coast houses increased by up to 6% and unit prices up to 1.9% over the past 12 months, with Worongary, Merrimac, Highland Park, Mudgeeraba and Carrara leading suburbs for sales.
Brisbane’s growing property market is in large part due to the increased flow of interstate migrants, who are attracted to the affordability gap between Brisbane and Sydney of 66%. Interstate migrants have also attracted to the surge in jobs. Having suffered over the last two years from oversupply of units, the recent boost of interstate migrants should create more demand for properties in Brisbane.