Queensland leads nation in property sales surge
Queensland is leading the pack when it comes to Australian property sales in the first quarter of 2022, with almost 51,500 properties settling.
The Sunshine State has enjoyed leadership status in property settlements for three consecutive quarters according to sales data from property settlement platform PEXA.
The unprecedented event, according to the Australian Financial Review, aligns with near 20-year high levels of interstate migration to the state, following the pandemic.
In the same article by the Australian Financial Review, Head of Research at PEXA Mike Gill is quoted saying that, ‘Queensland sales were being propelled by residents of Sydney and Melbourne moving north for cheaper dwellings and a change in lifestyle.’
Mr Gill was also quoted saying, ‘Pre-pandemic, Queensland really never benefited from the growth in the property market that Sydney and Melbourne did, so we saw property prices flat-lining for a number of years. That affordability gap really did grow and, of course, Queensland was very successful in limiting and restricting the spread of COVID compared with other states. Its property market benefited from that.’
Despite property prices rising in Queensland, a big gap remains between median prices in Brisbane compared to Sydney and Melbourne, making it an attractive proposition for a range of buyers.
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