The COVID-19 pandemic wreaked havoc on almost every corner of the Australian economy. From tourism and hospitality through to entertainment and the arts, retail, professional services and everything in between, little has been left untouched. Despite this, property, and in particular the Queensland property market has flourished.
In the face of plunging into the worst economic recession since the Great Depression, house and unit prices across the country surprisingly saw an overall uplift in price. In another mid-pandemic twist, it was announced in November 2020 that Australians were richer than they have ever been, with household wealth hitting an all-time high, primarily driven by savings and capital growth.
This is reassuring for the already strong property market, with high household wealth coupled with low interest rates flooding the market with potential buyers. In south east Queensland alone, property prices are projected to grow from 6-10% in 2021, with this number set to increase to 20% through to 2023.
Whilst tenant demand was low in the beginning of 2020 as people lost their jobs and international students were unable to travel, the rental market has bounced back to be stronger than ever. Indeed, our office is seeing hundreds of enquiries with record numbers of applications, often leasing properties in under 24 hours.
With more time spent at home than ever, Australians have turned their focus to lifestyle, and shifted their priorities away from office proximity. This saw an influx in relocations to Queensland, bolstered by the state’s handling of the pandemic which remained relatively free from restrictions throughout 2020. In addition to seeking a more lifestyle-oriented home, Aussies are looking to invest in holiday homes in the absence of overseas holidays for the foreseeable future.
This is all promising news for real estate in Brisbane and the wider south east Queensland region, particularly for those with investment properties they are considering selling. People selling their properties amidst this perfect storm of buyers are seeing unprecedented returns on their investment. Property has forever been regarded as a safe investment, and coming out on top in the middle of a global pandemic more than reinforces this sentiment. If you’re looking to take advantage of this hot selling climate, or would like a piece of the property pie, get in touch with us today.