Brisbane vs Sydney and Melbourne: The Real Story Behind Queensland’s Price Growth
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Hey, we are back with your Real Estate Property Podcast and the Australian property markets and streaming right now on Spotify and iHeartRadio. Yeah, breaking down all of the major real estate markets from Mackay to Runaway Bay on the Gold Coast, one of my favourite spots, plus the regional areas that you might be thinking about moving to. Now, if you want to get in touch... you've got two options. The first, you can leave a recorded message.
What factors are driving migration from Sydney to Brisbane?
Super easy. The link is below. Click on the link and start talking to share with us anything really that's on your mind. Doesn't necessarily have to be property. The second way to get in contact with us is via our email address, which is myrealestatepodcast at gmail.com. Hope you had a great weekend. It is a Monday, February the 23rd. New research out from the Regional Australia Institute tells us that Sydney residents are driving a significant migration to regional areas. 41% of people are considering a move due to high living costs and housing prices. Is there any surprise there? Probably not, but it is a massive number. And because the housing market is set to grow, what is that figure amongst Gen Zs likely to be in five years from now?
Well over 60%, I'll put that to you. It's a brain drain out of Australia's largest city. And you've got to sort of add up how that's going to multiply because you've got AI with all of these forecast unemployment numbers that are going to follow. So in five years' time, the landscape for Sydney will be very much a different one to the one that we're in right now. So let's right now take you to Brisbane and catch up with Melinda Jennison. She is a buyer's agent from Streamline Property. And good morning, Melinda. Welcome back for the first time for this year. We talk about Sydney, you know, people moving into the regional areas. It is happening where you are. People in Brisbane going into the regional Queensland areas.
It is happening to some extent from Brisbane into the regions, and it is a phenomenon that we're seeing across all capital city markets. And people are looking for some draw cards of those regions, including more affordable housing and cheaper living costs, because these are the things that capital cities can often make it harder for people to stay in capital cities at times where housing just keeps escalating in value.
Yeah, living costs, what a nightmare every time we're going to the supermarket. Yes, can we bring the cost of food down, please? Now, Brisbane's listing volumes, that remains well below average. With house and unit stocks down sharply compared to longer term norms, this constrained supply, it does mean that buyers are often competing for limited choices, tightening pricing power and keeping market momentum strong, even when sales volumes soften. What are some of your observations around this? How are the low listing shaping buyer competition in Brisbane as we speak?
Well, fewer choices for buyers simply means there's a lot more competition for quality homes. Now, new listings in Brisbane are down around 10% over the last 12 months, but total listings, that's the total number of properties available for sale, they're down nearly 26% across the same 12-month period. So we've got 25% less stock available available for buyers. And yet we've got this surge in buyer activity that hasn't appeared to slow down. So that leads to less negotiating power, higher urgency. So when we see fewer listings, we see a lot of A-grade properties attract more buyer interest and yet compromised properties. They're properties that might be in flood zones or sitting on main roads. They will sit on the market a lot longer because buyers are attracted to quality.
Yes, those A-grade properties that you're talking about, they're always hotly contested. And despite softer sales activities, clearance rates and days on market show resilient demand. Brisbane's median dwelling values continue rising and properties are still often snapped up quickly, which is what you're talking to.
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