Propertyology head of research Simon Pressley is expecting boom conditions “not seen in this country since the turn of the century”
“Queensland can expect to finally be the beneficiary of strong property market performance,” Mr Pressley said. “
“Double-digit capital growth over the next 12 months is highly possible in most Queensland locations.
“Call me an idiot if you want, but 20 percent price growth over the next 12 months in several locations will not surprise me in the slightest.”
Mr. Pressley said the boom would be driven by upgraders taking advantage of low-interest rates, first-home buyers, and buyers motivated by a permanent work-from-home shift.
“And this is before the enormous amount of federal government funding for infrastructure projects and job creation programs kicks in,” he said.
Leading market economist Terry Ryder said Queensland is set to be a major driver because of the “exodus to affordable lifestyle”.
It’s a trend he said was already underway before COVID-19, but one that had become a “stampede” thanks to interstate lockdowns and the working from home phenomenon.
“Brisbane’s affordability, lifestyle and a better climate than, say, Melbourne, and the fact that the virus has been kept under control quite well are other factors bringing people here,” Mr. Ryder said.
Planned spending on infrastructure in the state, including those projects already underway, are another reason Queensland is set to benefit, he said.
“Nothing drives housing markets more than infrastructure spending,” Mr Ryder said.