A new report has highlighted Queensland as Australia’s number one property investment location.
The 2021 Property Investment Professionals of Australia (PIPA) Investor Sentiment Survey found Queensland to be the best place to buy based on strong market conditions and overall sentiment.
According to the PIPA report, 58 per cent of investors believe the Sunshine State offers the best property investment prospects over the next year – up from 36 per cent last year.
New South Wales was second at 16 per cent (down from 21 per cent in 2020) and Victoria was third at 10 per cent, down significantly from 27 per cent last year.
Queensland has emerged as a popular location for many in the past 18 months. Increasingly, large numbers of home buyers have started migrating away from larger cities such as Sydney and Melbourne in search of a better lifestyle, improved affordability and to avoid ongoing lockdowns.
Image Property Director of Sales Adam Empringham said the southeast corner of Queensland had been hot property for buyers near and far since the end of last year.
“Our agents have been regularly achieving sale prices that far exceed their vendor’s expectations because of the super strong demand from buyers,” Mr Empringham said.
“There is no question that market conditions in the southeast are the best they have been for more than a decade, which is a situation that is showing no sign of abating.”
Mr Empringham believes that low supply is one of the major reasons for a surge in house prices across Queensland.
“Since the start of this year, the median house price in Brisbane has soared an extraordinary 19.2 per cent, with units also increasing in value by 8.3 per cent over the same period, according to CoreLogic,” Mr Empringham said.
“Another reason why prices are continuing to skyrocket is because of the persistent undersupply of properties for sale with the latest research showing a staggering 32 per cent reduction in Brisbane over the year to September.”
The report also notes that the number of people looking for a coastal change has surged in the past few years. Mr Empringham notes that places like the Sunshine Coast are expecting huge demand.
“The Sunshine Coast market is red-hot with properties selling at the first open for inspection, or for record prices under the hammer, to investors and homeowners alike,” he said.
“In fact, the coast is experiencing a new record low number of property listings, according to SQM Research, which is pushing prices ever higher.”
“The total number of property listings on the Sunshine Coast has fallen a further 37 per cent over the year to September, with asking prices up more than 17 per cent as a result.”
