Families from southern capitals are looking to the north for a better quality lifestyle at an affordable price, according to the chief executive of a Brisbane-based property group.
Place CEO Damian Hackett said the gap between median house prices during October was at the highest level in 13 years, according to recently released figures by CoreLogic RP Data.
“The last time we saw these kinds of figures was back 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,” he said.
“If we look back, 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.”
Mr Hackett said the increasing transport infrastructure across Brisbane means that the city is only set to become even more appealing.
“The first direct flights from Gold Coast to China have commenced, and the G20 showcased Brisbane as a highly attractive city,” he said.