A massive gap in affordability between Brissie and its southern capital city counterparts is one driver of future growth, coupled with record low interest rates, according to CoreLogic research director Tim Lawless.
“That affordability gap between Sydney and Brisbane, and Melbourne and Brisbane will mean there’s no doubt more people are looking to markets like Brisbane, Perth, Adelaide where they can buy in affordably but also enjoy high incomes working remotely or commuting,” he told realestate.com.au.
“We are seeing plenty of evidence that more people are coming to SEQ (south east QLD) not just because housing prices (are) more affordable but also because of improvements in the local economy and more people can work remotely. SEQ does tick a lot of boxes including climatic, close to water, tree changes, hinterland markets.”
The pace of growth is likely to slow from the record speeds reached in recent months but remain strong. The CoreLogic Home Value Index in April showed a slowing nationally, while taking a 12-month view, the Index showed Brisbane clocked a whopping 8.3 per cent growth compared to Sydney’s 7.5 per cent and Melbourne’s 2.2 per cent.
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