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Interstate migrants are moving to QLD … but they’re not coming to Brisbane

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Interstate migrants are moving to QLD

Less than 5 per cent of interstate migrants during the 2016-2017 financial year settled in Brisbane, according to data from the ABS. Photo: Glenn Hunt

Interstate migration to Queensland is booming but analysis shows most new residents are bypassing Brisbane for other regions in the Sunshine State.

Buyers’ agency Propertyology analysed ABS data, which showed there were 17,246 internal migrations to Queensland in 2016-17. But out of those, only 846 relocated to Brisbane, which equates to less than 5 per cent.

Propertyology managing director Simon Pressley said the lion’s share went to the Gold Coast, Sunshine Coast, Moreton Bay, Cairns, Ipswich and the Scenic Rim.

Interstate migration to Queensland is strong but ABS figures reveal most of the new residents are relocating to regions outside of Brisbane, such as the Gold Coast.

“We’ve read a lot about interstate migration to Queensland lately and it’s been growing each year, which is great,” he said.

“The thing is, people automatically think Queensland means Brisbane but when you actually look closely at the numbers, they tell a very different story.”

As a proportion of total population growth over 2016-17, the biggest beneficiaries of interstate migration were Tasmania (22.5 per cent) and Queensland (21.9 per cent).

Interstate migrants are moving to QLD

The Sunshine Coast has had an influx of interstate migrants. Photo: Mike Swaine

House prices in the regions with the most internal migrations have mainly increased — house prices on the Sunshine and Gold Coasts have increased by 7.9 per cent and 3.3 per cent respectively over the past 12 months — although Mr Pressley said the correlation between population growth and house price growth was often overstated.

“I know logically it makes sense — if an area has a big surge in population, house prices should go up — but there’s much more to it than that,” he said.

“Jobs growth is a lot more important than population growth, so is wage growth, [and] affordability is also extremely important.”

Interstate migrants are moving to QLD

Moreton Bay’s affordable property prices and relaxed bayside lifestyle are drawing new residents from interstate. Photo: Ray White Redcliffe

REIQ Gold Coast zone chair Andrew Henderson said each of those factors was connected and all had contributed to the Gold Coast’s house price success in recent years.

“Our local economy is strong but it’s also changed. We’re no longer solely reliant on the tourism industry. The diversity of our job offering has changed,” he said.

“With new infrastructure like universities and hospitals, we’ve got people moving here from interstate into jobs who would have never been able to move here 10, 20 years ago.

“So the age of the people we’ve got moving here has also changed. We’ve always had a lot of retirees but we’ve noticed a surge in people in their 20s, 30s and 40s – people moving their whole families up here. Around Mermaid Waters and Clear Island Waters there’s a really strong southern presence.”

Andrew Campbell of Ray White Redcliffe said the influx of interstate migrants buying up locally in the Moreton Bay region had become apparent more recently.

“We noticed a dip in the interstaters for a while but recently they’ve started to come back and it’s about affordability. All the properties around that median price are really moving so quickly,” he said.

Domain Group figures show the median house price in Moreton Bay is $456,000.

“There’s a lot of first-home buyers who fly up here for the weekend from Sydney. They know they can’t afford to buy there so they’re moving here because they see you can buy a house for under $500,000, get the lifestyle and still only have to drive 40 minutes to work in Brisbane,” Mr Campbell said.

But Mr Pressley said interstate migrants were being “pushed” to Queensland, rather “pulled” as they were during the mining boom.

“People have always wanted to come to Queensland because of the good lifestyle, weather and affordable housing,” he said.

“In the past they came for those things but also because we created more jobs year after year than everyone else. Now, we’re not dragging here through job growth, they’re coming here by default.

“To me, that’s why interstate migration hasn’t translated into property prices yet … and that’s why only minimal people have gone to Brisbane.

“I anticipate that in the next 12 months we’re going to see another really strong year of interstate migration into Queensland; if our economy improves, then it could translate to property prices for Brisbane and all over Queensland. Overall though, this is a good news story for Queensland and Brisbane as well. It’s looking positive.”

Source: goldcoastinvestor.com.au

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Rainwater tanks and temporary barriers could protect Brisbane from floods

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Rainwater tanks and temporary barriers could protect Brisbane from floods

Queenslanders will be encouraged to raise and wet-proof their homes to protect against damage from floods, while temporary barriers could protect parts of the Brisbane CBD from inundation.

A flood-resilient building guide has been released by the state government alongside a new Brisbane River Strategic Floodplain Management Plan.

The guidelines for property owners are non-mandatory and do not replace requirements under the Building Act.

It includes recommendations for flood-resilient design options, such as elevating the finished floor level, wet-proofing the house to allow water to enter and leave without causing significant damage, dry-proofing to prevent water from entering a building, ventilation to prevent mould, and permeable fencing.

Home builders could also use rainwater tanks to store storm water that may otherwise contribute to flooding.

State Development Minister Cameron Dick said home owners were encouraged to talk to a licensed builder or architect about the guide and how they could incorporate flood-resilience strategies into their homes to reduce the cost and impact of future floods.

Meanwhile, the strategic plan, created with the Brisbane, Ipswich, Somerset and Lockyer Valley councils, Queensland government and Seqwater, includes 52 recommendations to strengthen flood resilience of communities in the Brisbane River flood plain.

It suggests consideration of temporary flood barriers in the Brisbane CBD and South Brisbane to prevent flooding.

“The temporary nature of the barriers means that they can be deployed in locations that are normally used for other purposes such as roadways,” the strategic plan reads.

Initial assessments suggested temporary flood barriers could provide flood immunity up to the one in 100-year flood level for South Brisbane and one in 200 years for the Brisbane CBD.

Consideration should also be given to a flood gate which could be installed along Marsden Parade in the Ipswich CBD to prevent backwater flooding from the Bremer River.

“When the flood gates are closed, the rail embankment would act as a temporary dam wall and prevent flooding of low-lying land, being the Ipswich CBD,” the report reads.

It also suggests Goodna could be protected from a one in 100-year flood through the installation of a flood wall levee along the Ipswich Motorway.

Ipswich City Council chief executive David Farmer said the flood gate and levee options would undergo feasibility testing as part of the development of a flood plain management plan for Ipswich.

The report estimates that during a one in 100-year flood in the Brisbane River flood plain, 17,300 buildings would be flooded, two-thirds of which would be in the Brisbane City Council area.

Out of that total, 12,000 were expected to be flooded above the main habitable floor level.

A one in 100-year flood would cost $6.8 billion, which was comparable to damages from the 2011 floods.

Mr Dick said the strategic plan was produced following the 2011 floods.

“Those floods left a deep scar across south-east Queensland and across those communities and families as well,” he said.

Mr Dick said as a result of the plan, councils would be better placed to make decisions about where development could and could not occur.

“It’s increased the capacity of councils to make proper planning decisions, for example, councils could take action such as acquiring land … that is zoned as urban, and acquire it and rezone it for non-urban purposes,” he said.

Mr Dick said while floods could not be prevented, the impacts on properties could be reduced.

“This [plan] has taken four years to produce – there’s been 50,000 computer model simulation and we’ve researched 134,000 properties that have been affected by flooding,” he said.

Councils will use the strategic plan to inform their flood plain management plans.

Souce: brisbaneinvestor.com.au

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Three bedroom North Booval, Qld townhouse listed for mortgagee sale

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Three bedroom North Booval, Qld townhouse listed for mortgagee sale

A three bedroom North Booval, Qld townhouse has been listed with an asking price of $175,000.

It is described in the listing as a “perfect home base for travellers or downsizers or tenant ready investment opportunity.”

Gai Flynn of First National Real Estate holds the listing.

Situated at 90/50 Gledson Street, North Booval the property is made up of three bedrooms two bathrooms and a single garage.

Set on 130 sqm, every bedroom features a ceiling fans, vertical blinds and built-in robes.

Featuring a concreted alfresco outdoor plus shady shrubs for privacy.

Located withing ‘The Complex’ which has a swimming pool and BBQ facilities available for residents and is 1.2 kilometre to the Bundamba train station.

The median price for a home in North Booval is $279,500 according to CoreLogic, which calculate its annual change in median price over the past 10 years as -3.1%.

Source: www.propertyobserver.com.au

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Affordable havens The sub $300,000 suburbs on the verge of extinction in Brisbane

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Affordable-havens-The-sub-300000-suburbs-on-the-verge-of-extinction-in-Brisbane

Suburbs with a median house price of $300,000 or less are on the verge of extinction in Greater Brisbane. So, where can you still buy property for that price in 2019?

SUBURBS with a median house price of $300,000 or less are on the verge of extinction across Brisbane.

Figures from property researcher CoreLogic show house prices in some of the city’s most affordable postcodes experienced above average growth over the past year, leading to a drop in sales at lower price points.

Only 1.7 per cent of properties in Brisbane changed hands for less than $200,000 in 2018.

In 2019, there are no longer any suburbs in the Brisbane local government area with a median house price of $300,000 or less.

Affordable-havens-The-sub-300000-suburbs-the-verge-of-extinction-in-Brisbane

Across Greater Brisbane, there are now only 19 mainland suburbs with a median house price under $300,000, whereas there were double that number a decade ago.

The last affordable havens can be found in the Ipswich suburbs of Riverview, Dinmore and One Mile, in the Logan locations of Kingston, Logan Central and Woodridge and in Caboolture South in Moreton Bay.

The median house price in Greater Brisbane is now $532,000, according to CoreLogic.

More than a third of sales in Brisbane during 2018 were between $400,000 and $600,000, while 7.8 per cent were at $1 million or more.

CoreLogic senior analyst Cameron Kusher said that was a drastic change from the state of affairs over the past couple of decades, with the majority of sales in 1993 and 1998 coming in below $200,000.

“Over time, there has been a steady climb in the share of sales across the more expensive price points,” Mr Kusher said.

“While you’d expect this in the markets that have seen strong value growth such as Sydney, Melbourne and Hobart, we have also seen it across markets where value growth has been much weaker.”

Affordable-havens-The-sub-300000-suburbs-on-the-verge-of-extinction-Brisbane

Mr Kusher said that even though he expected slightly more sales to occur at lower price points over the next year, he did not expect any material change in the share of sales under $200,000 — in fact they may reduce even further.

Real Estate Institute of Queensland chief executive Antonia Mercorella said Brisbane still had plenty of affordable suburbs with good quality housing compared to Sydney and Melbourne.

“We have so many affordable options in really high growth suburbs,” Ms Mercorella said.

“They’re not going to run out tomorrow.

“And many are still within a 12km to 15km radius of the city, which is pretty mind-blowing compared with Sydney and Melbourne.”

Affordable-havens-The-sub-300000-suburbs-in-the-verge-of-extinction-in-Brisbane

Ms Mercorella said Brisbane’s affordable havens provided great opportunities for entry level property buyers.

“Many people assume a $300,000 house must be a dump, but that’s just not the case in the southeast corner,” she said.

“Low price does not mean low quality.”

Nick Kruger, principal of Your Haven Realty, said there were still plenty of opportunities for first home buyers to get a foot on the property ladder in Riverview, which has the cheapest median house price in Greater Brisbane.

MORE: Labor’s plan to hit Brisbane rents

Mr Kruger said that he had noticed a shift in the buyer profile in the market as a result of the banks cracking down on lending.

“Predominantly, in the past, investors were snapping up these properties for their SMSF because of the good rental returns,” Mr Kruger said.

“Now the banks have cracked down, that’s incentivising a market change.

“It’s better for owner-occupiers now, because they have a chance to get it over investors.

“But in time, obviously these prices will jump so the sooner you can get in, the better.”

Affordable-havens-The-sub-300000-suburbs-on-verge-of-extinction-in-Brisbane

He is marketing a three-bedroom house at 57 Price St, Riverview, which is currently leased for $290 a week and is on the market for offers over $245,000.

“That’s a good figure for an investor,” Mr Kruger said.

“At that price point, for a three-bedder on a 600 sqm plus block so close to Redbank Plaza and within 5 minutes walk of sought-after schools, I definitely it’s ideal for first home buyers or young families.”

Single parent Telita Webb has rented the home with three of her children for the past year, but would love to buy the property if she could afford the deposit.

“I love the place; Riverview’s my home,” Ms Webb said.

Chris and Tiffany Campbell live in Bundamba, which is one of greater Brisbane’s last affordable havens — just scraping in with a median house price of $292,752.

The couple are renovating a turn-of-the-century Queenslander, which they recently bought for $315,000.

“Bundamba has a bad wrap; I’m not sure why,” Mrs Campbell said.

“The street we live in is so quiet and full of beautiful, old Queenslanders, and you can see the growth potential.

“I think it is one of those places a lot of people forget about.”

They sold another property last year that they had bought and renovated two years earlier in North Ipswich and made more than $100,000 in profit.

we knew going into it and paying price we did in an up andcoming suburb it was going to be a good investment

Affordable-havens-The-sub-300000-suburbs-in-the-verge-of-extinction-in-Brisbane

Propertyology managing director Simon Pressley said Ipswich was becoming a popular location for property investors because of its affordability, solid rental yields and good infrastructure.

But Mr Pressley said he was not convinced the region had the ability to create the volume of jobs required to put pressure on the local labour market and drive property prices significantly higher.

“One could do worse than investing in Ipswich, however, my overall rating of the Ipswich property market is a middle-of-the-road performer for the feasible future,” Mr Pressley said.

THE SUB $300,000 SUBURBS ON THE VERGE OF EXTINCTION IN 2019:

Suburb Region Median house Change in median Change in median

price Mar 2019 12 mths to Nov 2018 5yrs

1. Riverview Ipswich $256,787 -2.3% 13.7%

2. Dinmore Ipswich $259,481 9.0% 35.2%

3. One Mile Ipswich $260,181 0.0% 15.9%

4. Leichhardt Ipswich $264,565 2.1% 22.5%

5. Rosewood Ipswich $273,359 6.9% 19.2%

6. Logan Central Logan $273,541 -3.4% 26.1%

7. Woodridge Logan $274,352 -1.3% 28.1%

8. Basin Pocket Ipswich $275,769 -4.6% 25.6%

9. Ebbw Vale Ipswich $276,599 -6.1% 20.3%

10. Kingston Logan $285,032 -2.4% 24.2%

11. Goodna Ipswich $285,329 -4.1% 10.8%

12. Tivoli Ipswich $292,168 -2.7% 8.6%

13. Bundamba Ipswich $292,752 4% 14.4%

14. North Booval Ipswich $293,058 4.6% 17.9%

15. Caboolture South Moreton Bay $293,517 0.6% 16.2%

16. Gailes Ipswich $293,572 0.7% 11.8%

17. Churchill Ipswich $295,020 1.1% 7.2%

18. East Ipswich Ipswich $297,405 13% 27.1%

19. Wulkaraka Ipswich $299,733 6% 2.6%

(Source: CoreLogic)

Originally published as What $300K will buy you in 2019

Source: brisbaneinvestor.com.au

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