Families from southern capitals are looking to the north for a better lifestyle at a more affordable price, with median prices in Sydney up to 75 per cent higher than the median price in Brisbane, according to the latest Corelogic figures.
Corelogic data released in November showed the gap between the median house price in Sydney and Brisbane during October 2015 was at the highest level in 13 years.
The last time we saw these kinds of figures was in 2002, when the median dwelling prices in Sydney were 97 per cent higher than those in Brisbane – slightly above the current figure – which reflects a 75 per cent difference.
Historically, an increasing median price gap between Brisbane and our southern counterparts is key in shifting momentum. Currently, we are seeing Sydney and Melbourne buyers rejecting the southern pricing instability in favour of Brisbane; investors observe Brisbane's high yields, while young families seek affordability and a quality lifestyle.
Brisbane is consistent in terms of sales activity and stability, with low interest rates this year encouraging investment across the board, in addition to upgrades to top-end properties.
Queensland owner-occupiers are quickly snapping up properties on large blocks in Brisbane suburbs with excellent amenities, where they pay a fraction of what they would in Sydney.
Queensland represents value for money, an attractive option for southern buyers as Sydney and Melbourne continue to experience unsustainable growth. What we're now seeing is Sydney and Melbourne prices reaching their peak; people are looking for stable and solid growth and that's what we have in Brisbane. Families are recognising the high quality of living they can afford in Queensland.
The increasing transport infrastructure across Brisbane means that the city is set to become even more appealing.
The first direct flights from Gold Coast to China have commenced, while the Gold Coast is seeing a boom in infrastructure ahead of the 2018 Commonwealth Games.
Buyers frustrated with inflating prices in the southern states are recognising Brisbane's appeal. They come here seeking value for money, where prices lift consistently.