DINAH LEWIS BOUCHERTUE 28 APR 20
When it comes to population growth and Queensland’s property market, the state has been leading the nation for net interstate migration, with a strong upward trajectory.
“Of course Queensland has some exposure to overseas migration, but nowhere near as much as say New South Wales or Victoria,” Lawless said.
“I think Queensland is in a very good position in that it won’t be as impacted by a downturn in overseas migration numbers, which in turn of course probably won’t impact the rental markets quite as severely as Sydney or Melbourne.”
Queensland dwelling approvals by sector
Figures show the pipeline of new supply coming into Queensland’s market was tracking lower in late 2019, with the supply pipeline well below average.
“Implying the potential for an undersupply down the track…although demand from overseas migrants is set to drop,” Lawless said.
Brisbane unit values remain 11.1 per cent below 2010 peak
“New housing supply under construction has fallen with pending detached supply back around the decade average and unit supply dropping below the decade average,” Lawless said.
Brisbane unit values are 11.1 per cent below the peak of 2010, and Brisbane house values to date continue to track solidly.
“Previous economic shocks have seen housing values relatively insulated, while volumes are more susceptible to volatility.”
Reduction in supply levels should help protect housing values
New listing numbers, based on agent activity, is likely to settle around half of what it normally would be for this time of year, with new listings expected to further fall substantially.
“In some ways that’s a positive,” Lawless said.
New listings likely to fall in coming months
“As we see buyer numbers retreating to the sidelines, seeing a reduction in supply levels should be another factor that helps protect housing values."
https://theurbandeveloper.com/articles/brisbane-property-market-2020-corelogic