How the Sunshine States’ Increasing Population Influenced Property Prices
When it comes to the property market, the Sunshine State has been performing relatively well compared to other states, proving its strength in the June quarter. More job opportunities and consistent interstate migration are some of the major factors that allow Queensland to score such results.
The internal and overseas population growth remains the strongest in the country, with 89,000 people choosing to call the Sunshine State their home every year. Such a trend is based on the attractive cosmopolitan lifestyle, affordable housing options, and growing job opportunities.
There are some suburbs that outperformed the capital’s average house price. Top suburbs proved to be East Brisbane, with properties selling for $4.8m, Kalinga, with properties selling for $2.05m, Norman Park and Paddington, with median sale prices of $1m or above. An excellent result for the River City that is not usually famous for its million-dollar listings. Gold Coast also reaped some benefits of the increasing population from overseas and interstate, with Broadbeach Waters and Runaway Bay scoring medians of more than a million.
Queensland has been performing really well, so it’s a great opportunity for your property to score great results. We recommend looking at Instant Property Report to see how your property can benefit from the current market conditions.