Interesting news through today, showing that Sydney siders are cashing out of their million-dollar homes in favour of cheaper houses in the tropical north.
The emerging exodus is part of Australia’s latest wave of interstate migration to Queensland, where house prices are half Sydney’s and job creation is on the rise. When similar factors were at play in the mid-1980s and mid-2000s, an average 134,000 people made the trek north over a three-year period. They were mainly from New South Wales, Macquarie Bank said.
Macquarie estimates the migration shift could inject $8.1 billion into the Brisbane and southeast Queensland housing markets, equivalent to 25 per cent of current turnover.
Brisbane properties have become even more appealing to southern buyers
Southern buyers have turned their attention toward the Brisbane property market again where they can get much more bang for their property buck. New figures reveal the median dwelling price in Brisbane was 70 per cent lower than Sydney and 33 per cent lower than Melbourne.
CoreLogic analyst Cameron Kusher said those figures were well above long term average price differences.
“If you look at the long term average gap between Sydney to Brisbane is about 49 per cent, Melbourne to Brisbane is about 9 per cent,’’ he said.
“So it is certainly well above the long running average and that has been the case for quite a while.’’
Mr Kusher said while recent interstate migration figures revealed a return to Brisbane by southerners.
Qld biggest jobless rate drop in country
This is on the back of Queensland recording the equal biggest unemployment drop in the country, with the seasonally adjusted rate falling by half a percentage point.
Jobs figures from the Australian Bureau of Statistics show Queensland’s seasonally adjusted rate fell from 6.2 per cent to 5.7 in August, while the trend unemployment rate fell to 6 per cent from 6.1.
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