Trying to determine what property market will do for the next 12 months at any time is not an easy feat. However 2020 has been especially hard. I remember listening to a podcast just a few months back at the start of the year, where the presenter was interviewing an expert in the field, and eve he refused to give a straight answer. We were coming out of a drought, there were bush fires still burning, and the rain that we desperately needed, was causing havoc in the way of flash flooding. No one would’ve predicted the worst was yet to come!
It’s obviously far too early to see the full picture of how Covid-19 will affect 2020, but here’s a brief run down so far of what we have seen for Queensland.
Momentum has slowed for both buying and selling. This could be put down to the lack of consumer confidence, with job loss, pay cuts and general apprehension of the world-wide situation. The government shut down non-essential travel and placed a temporary ban on auctions and open inspections.
Queensland has always been popular for overseas investors, particularly the Chinese market, so with international travel on hold that will definitely bruise the property market.
Results ending 31 March, showed that Queensland, despite the drought, fires and floods, still had positive growth in property values. They were up 1.6% for the quarter, and 0.6% for the month.
Queensland is still more affordable than other states, with Brisbane housing prices being about 55% of Sydney’s and household income only 12% lower.
The future for Queensland isn’t looking too scary. Yes things may be slow for a few months, but if world conditions remain as they are then we should expect to see growth again by the end of the year. Brisbane and the Gold Coast are predicted to see an influx of local visitors once the borders are opened up, and the international visitors will follow as soon as they can.
Queensland will remain a desirable place to buy on the affordability and liveability scale, so as long as you do your research and buy the right property in the right location, now is a good time to get in and be confident of some potential growth.