Sydney siders fleeing to warmer climes and a reasonable property market
The Brisbane property market is now even stronger, and our long-standing support of the Brisbane market now seems to be echoed by others, which is encouraging and gratifying but not surprising.
One of the world’s largest banking institutions, Macquarie Bank, has released data which suggests many Sydney siders are cashing in on the huge capital gains they have realised from their real estate assets, and are heading North of the border.
Macquarie have said that 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 off the back of large infrastructure projects, and new commercial and residential centres being developed in new growth corridors and CBD locations.
We have seen this type of movement via interstate migration historically, as a similar situation occurred in the mid 80’s – mid 2000’s.
Macquarie’s wealth management unit said that people have been leaving New South Wales at a faster pace over the past couple of years and movement into the traditional destination of Queensland is picking up.
Macquarie added “When the cycle turns, the acceleration occurs rapidly based on the experience of past cycles.”
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.
Many of our clients who have followed our recommendations in to the property market in Brisbane of recent times are about to reap a whirlwind off the back of population growth, improving infrastructure, employment and other positive investment fundamentals.
Confidence in the Brisbane property market is high and a big swing and trend is about to become very apparent.
Anyone wishing to discuss the Brisbane market are welcome to contact this office and we can discuss the what, why and how of getting invovled.