State first home buyers are flocking to
Lifestyle options and buying incentives have enabled one Aussie state to roar past the others when it comes to being the No.1 destination for first home buyers.
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It’s been a rollercoaster ride for Brisbane’s property market over the past year or so, with prices hitting a record high before cooling off and then beginning a recovery.
But with strong population growth and an infrastructure boom in the lead-up to the Brisbane 2032 Olympic and Paralympic Games, the long-term outlook is positive.
Brisbane has experienced one of the strongest rebounds among the capital cities in 2023.
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Home values have risen by 10.2 per cent in the year to date, slightly trailing the top two markets – Sydney at 10.9 per cent and Perth at 10.8 per cent, the latest CoreLogic data shows.
As discussed in this year’s McGrath Report, Brisbane has had the biggest population increase of any capital city, with Sydneysiders and Melburnians flocking north in droves in search of a better lifestyle.
The city’s population increased by nearly 60,000 – or 2.3 per cent – in FY22, with overseas students also returning, and is forecast to grow by a further 16 per cent over the next decade, surpassing three million before the Olympic cauldron is lit.
The Sunshine Coast is experiencing the largest population growth in Australia, with people moving from both metropolitan and regional areas, leading to a 14.9 per cent rise in the year to March. It was closely followed by the Gold Coast at 7.8 per cent.
In a pre-Olympic spending spree, the federal and state governments are outlaying $5bn to build new sporting venues and upgrade existing ones.
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Queensland is an attractive place for first homeowners. This month, the state government doubled the First Home Owner Grant to $30,000 for people buying or building a new home under $750,000 between November 20 this year and June 30, 2025.
In addition, the Gold Coast and Sunshine Coast have reportedly also had some of the biggest uptakes in the country for the federal Regional First Home Buyer Guarantee scheme, which started in October last year.
Things are looking good for investors, but not so good for renters, with Brisbane rents rising by 10.3 per cent in FY23. Rents also rose by 4.5 per cent on the Sunshine Coast and 7 per cent on the Gold Coast over the same period.
Overall, the outlook for South East Queensland is positive for owner occupiers and investors, with prices rising, strong population growth and mass infrastructure investment.
The sooner you invest in this burgeoning region, the better.
John McGrath is the founder and managing director of McGrath Estate Agents
MORE: Where to invest in 2024: Qld’s best affordable markets revealed
Originally published as State first home buyers are flocking to
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