An unexpected result of COVID-19 has been the rise in South East Queensland’s (SEQ) property market.
The region has seen unprecedented activity and median price growth between 2019-2020, according to the latest research from PRD.
The PRD South East Queensland Property Market Update March 2021 shows the SEQ market held resilient throughout 2020 and saw an uplift from September onwards due to multiple factors.
Part of the reason is due to the prompt re-opening of Queensland’s economy, compared to other states, and of course the HomeBuilder grant and other first home buyer schemes.
There has also been increased migration to sunny Queensland, perhaps due to more people working from home and with the historically low-interest rates, many people may consider it the perfect time to make the move.
Key Findings of PRD report:
- Brisbane recorded the highest median house price in 2020, at $724,000. However, the Sunshine Coast recorded the highest annual growth between 2019-2020 of 10.2 percent
- The Gold Coast recorded the highest median unit price in 2020, at $457,000. However, the Sunshine Coast recorded the highest annual growth between 2019-2020 of 5.9 percent. During this time, Brisbane’s median unit price recorded a softening of -1.1 percent
- There has been a drastic shift in the most common vacant lot sizes sold across SEQ in the past decade. Where the most common lot size range was previously 600 to 1,000 sqm, it is now the smallest range of 250 to 450 sqm across all three Local Government Areas
- The Gold Coast recorded the highest house rental yield, as well as being the only increasing trend within the SEQ metro areas
- Vacancy rates in SEQ are lower than in the pre-COVID-19 period. There is an extremely tight rental market with demand exceeding supply
- The Sunshine Coast is focused on developing its infrastructure in 2021, whereas Brisbane and the Gold Coast are focused on mixed-use and residential projects. This includes 8,841 and 6,837 apartments respectively.