Overall, we think Brisbane property market has been an outstanding performer this year. While we did not see significant increases in property values in 2019. Still Brisbane did not see the declines experienced by the other 2 big capitals. In comparison to property markets in Sydney and Melbourne, Brisbane in our view is a great performer.
Brisbane property is still affordable
We are seeing Brisbane housing market as affordable market. Even with the latest declines in property values in Sydney and Melbourne, Brisbane remains affordable in our view. It is sufficient to look at interstate migration numbers to appreciate attractiveness of Brisbane to the southern capitals.
Interstate migration to Brisbane
Queensland had the highest net gain from interstate migration in 2017-18 of 24,700 people. Brisbane continues to attract the highest number of interstate migrants in the country. According to the latest numbers interstate migration is as follows:
- Queensland — (24,700 people)
- Victoria — (14,300)
- Tasmania — (2,400)
- Australian Capital Territory — (600).
In the long run immigration from interstate tends to have a positive impact on property values. Why interstate immigration increases property values? Because the interstate migrants tend to be wealthier and tend to have established jobs or experience to gain high paying jobs.