They’re calling it “The Great Northern Migration”.
More and more families, working professionals, and retirees are leaving New South Wales and Victoria for life in Queensland. Analysts are talking about it, and the numbers keep showing it.
But why are so many people responding to the sunshine state’s siren call?
Well, actually, it’s pretty easy to see why.
And once you know why, it can be difficult to come up with an excuse not to join them…
You can’t talk about people moving to south-east Queensland without mentioning lifestyle. In fact, we’re pretty confident the sunshine state’s lifestyle is one of its biggest attractions – and no wonder!
It’s been decades since Brisbane, the Gold Coast, or even the Sunshine Coast were second-rate cities that just happened to be located near beautiful, world-class beaches. These days, Queensland’s top three destinations are each major population centres in their own right. They offer all the conveniences and amenities you’d expect to find in Sydney or Melbourne, minus the traffic and congestion.
As if that weren’t enticing enough, there’s also the relaxed Queenslander culture that goes along with Queensland life. You get to choose between beachside living, rainforest seclusion, or inner-city luxury – all in an idyllic, subtropical climate where winter barely lasts four weeks. It’s the lifestyle everyone overseas associates with Australia. And it’s basically year-round.
Unsurprisingly, affordability is a big drawcard for many people making the move to Brisbane and other key destinations in the state’s south-east.
For younger people entering the property market, the relative affordability of housing is incredibly enticing – especially with the Queensland state government’s $15,000 first home owners’ grant. At the time of writing, the grant was available to first home owners who sign a contract to buy or build a new home in the state after 1 July 2018. (Visit qld.gov.au for more info.)
For more established property owners, buying in Queensland offers the chance to upsize your home and lifestyle at no extra cost. Or, if you’d prefer, you can enjoy the benefits of excess equity by buying a home just like the one you already own, but at a much lower price.
And for investors? Well, the news is even better…
The south-east Queensland property market is becoming the envy of Australia – especially for Australian investors.
Interstate migration to Queensland is higher than interstate migration to any other Australian state. This is one reason that in August 2018, vacancy rates were down from 3.4% a year before, to only 2.8% now. This contrasts with Sydney’s upward trending vacancy rates, which are the highest they’ve been in 13 years. This is good news if you’re considering investing in the sunshine state, because improved rental demand tends to boost rents and property values too.
The Brisbane and south-east Queensland property investment markets are also outperforming Sydney and other capitals in other ways, a trend that looks set to continue. And with huge public investment in infrastructure and capital works, job creation and economic prosperity (both huge positive indicators for investment property owners) are strong.
At Mosaic Property Group, our experts have been carefully watching the long-term trends in Australia’s property markets. That’s why we’ve already filled our property pipeline with luxury apartment projects in south-east Queensland – because we knew the numbers were only going to get better.
But we don’t expect you to simply take our word for it.
After you’ve read that report, we have only one question we’d like to ask you:
Why wouldn’t you choose Queensland?