PropTech firm InfoTrack reveals Q3 2022 property results for NSW and QLD
Over the past few years, the sunshine state has experienced a property boom, with an influx of potential buyers migrating into Queensland. The triple-threat combination of lifestyle, climate, and housing affordability has seen record numbers of southerners swapping the metropolitan existence for a more relaxed way of life. This movement has seen coastal properties become the location of choice, especially when it comes to Home Units throughout Q3, 2022.
Surfers Paradise, typically known for being a tourist haven on the Gold Coast, has taken out first spot for both sales volume and aggregated purchase price throughout the last quarter. This placement is a continuation of the suburbs reign in the Home Units category that also emerged in the first half of the year.
However, Surfers Paradise is not the only location of choice on the Gold Coast. Neighboring suburbs that also topped the list include Broadbeach, Hope Island, Labrador, and Palm Beach. This sway towards the coast that sits just over an hours’ drive south of Brisbane, shows how appealing this regional hub has become to those looking to invest in Home Units.
InfoTrack’s Head of Property Australia, Lee Bailie, explains the appeal, “Queensland has always been considered as a great place for holiday travel. But since the pandemic, people have started to look at the sunshine state with fresh eyes. The lifestyle that it has to offer in ideallic hubs like the Gold Coast is very enticing, especially to those who are looking to purchase a Home Unit rather than a House. The latest Property Market Update data shows that coastal locations continue to dominate the top 10 lists for Home Units, a trend we anticipate continuing into the back end of the year, as the market experiences an uplift in the lead into to the warmer months.”
Whilst Houses remain the most popular property type for Queensland investors, Home Units have experienced a 3% increase from 15% in the first half of the year to 18% in the third quarter. These figures might be reflective of the scarcity of Houses as the state’s property boom has meant the demand is still present in the market. It will remain to be seen if Queensland Home Units continue to increase their share and gain momentum in popularity towards the back end of 2022, as the state grapples with the lack of available property to offer.
Read the latest Property Market Update for more insights.
