PropTech firm InfoTrack provides a Property Market Update for NSW and QLD
As property prices continue to escalate across Australia, investors are searching further afield outside of the capital cities. According to exclusive research by InfoTrack, consumers are looking to more cost-effective areas that still sit within close proximity to the urban hubs of Sydney and Brisbane.
The recently released 2022 H1 Property Market Update, uncovers that north-west Sydney has proven to be a trending region for First Home Buyers. In the NSW Top 10 Suburbs list, Warwick Farm and Schofields have taken out the top two places, based on the quantity and overall volume of sales. This is a continued trend for NSW, when comparing the year-on-year data from 2021 into the first half of 2022.
The update also shows that Queensland is experiencing the same movement, as investment in houses and home units are predominantly happening outside of Brisbane. Buderim has topped the list for houses by purchase price for H1 in 2022. This suburb, situated on the Sunshine Coast, yielded a total purchase price of $112 million. Whereas Redbank Plains, a suburb in the City of Ipswich catchment area south-west of Brisbane, took out the number one spot for the highest number of sales for any suburb with 107 purchases.
The data for Home Units in QLD paints a similar and yet different story. While purchasers of this property type are looking to invest outside of Brisbane, their preference is on the Gold Coast. This region offers the luxury of beach-adjacent property whilst also providing the key amenities that a larger city has to offer.
Lee Bailie, Head of Property Products at InfoTrack, expands on this further, “Property prices across Australia exploded in 2021. From the data included in our latest Property Market Update, we can see that NSW and QLD are still reeling from the after-affects of this surge. Many investors are still wanting to purchase property but are needing to look outside the capital cities. They don’t want to lose the lifestyle they enjoy or miss out on the conveniences and comforts that make living within a larger city so attractive. So, they are finding these great pockets of suburbs that offer what they are looking for, lifestyle-wise, but with a more cost-effective price tag.”
Only time will tell whether the suburbs that have been so attractive to buyers, retain their appeal into the second half of the year.
