Queensland is leading the pack when it comes to Australian property sales in the first quarter of 2022, with almost 51,500 properties settling.
The Sunshine State has enjoyed leadership status in property settlements for three consecutive quarters according to sales data from property settlement platform PEXA.
The unprecedented event, according to the Australian Financial Review, aligns with near 20-year high levels of interstate migration to the state, following the pandemic.
In the same article by the Australian Financial Review, Head of Research at PEXA Mike Gill is quoted saying that, ‘Queensland sales were being propelled by residents of Sydney and Melbourne moving north for cheaper dwellings and a change in lifestyle.’
Mr Gill was also quoted saying, ‘Pre-pandemic, Queensland really never benefited from the growth in the property market that Sydney and Melbourne did, so we saw property prices flat-lining for a number of years. That affordability gap really did grow and, of course, Queensland was very successful in limiting and restricting the spread of COVID compared with other states. Its property market benefited from that.’
In further evidence of the strength experienced in the Queensland property market, the Queen’s Wharf Tower development recorded a staggering surge in sales when launched earlier this year, with nearly 740 apartments sold in just four weeks, stunning the team behind the sales campaign.
The sale of 90 per cent of the offering within a month far exceeded the expectation to sell 70 per cent within 12 months, according to YPM Group managing director Bryce O’Connor.
He said the company was “inundated” with demand for the one, two and three bedroom residents, receiving more than 9000 inquiries and since completing 778 sales for a total of $820 million.
Despite property prices rising already in Queensland, a big gap remains between the median prices in Brisbane compared to Sydney and Melbourne, making it an attractive proposition for a range of buyers.
Furthermore, the announcement of the Brisbane 2032 Summer Olympics and substantial infrastructure investment over the coming years, are expected to further drive significant property price growth in the Brisbane CBD and inner-city suburbs.
For people looking to get into the Brisbane property market, this could be the opportune time.
Queen’s Wharf Tower is part of the iconic Queen’s Wharf precinct, located in the Brisbane CBD and set to become the new cultural heart of Brisbane. Discover more about the final 3-bedroom release here and enquire today.